Thursday, June 20, 2013

Post Office Monthly Income Scheme (MIS)

 This is quite an apt scheme for retired employees/ senior citizens and for those who need regular monthly income. Following are the highlights of this scheme
  • Interest rate of 8.5% per annum payable monthly w.e.f. 01.04.2012
  • A single account can hold maximum amount up to Rs. 4.50 lakhs and in case of a joint account a total of Rs.9 lakhs is permissible.
  • Maturity period is 5 years.
  • w.e.f. 01.12.2011 you cannot claim Bonus on Maturity.
  • There is no Tax rebate
  • Tax Deduction at Source (TDS) is not applicable.
  • Minimum investment amount is Rs.1500/- or in multiple thereafter.
  • You can avail a facility of premature closure of account after 1 year but on or before 3 years @ 2.00% discount.
  • Account can be opened by an individual, two/three adults jointly, and a minor through a guardian.
  • There would be a deduction of 1% if account is closed prematurely at any time after three years.
  • It also provides you with auto credit facility of monthly interest to saving account if accounts are at the same post office.
  • This scheme provides minors with a separate limit of investment of Rs. 3 lakhs and the same is not compiled with the limit of the guardian.
  • Opening of this account by Non-Resident Indian / HUF is not permissible.
  • Note:-
  • The above details may please be verified from designated post offices before investment.   The data provided above is just to give you an overall idea about the scheme.  This posting is just to encourage savings to lead a better future.  We are not responsible for any change in the scheme. 
  • Keep watching the name tag BRIGHT FUTURE for more updates on savings.
  •  Happy living!

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