Post Office Monthly Income Scheme (MIS)
Salient Features:-
1.
Interest rate of 8.4% per annum payable monthly w.e.f. 01-04-2013.
2.
Maturity period is 5 years.
3.
No Bonus on Maturity w.e.f. 01.12.2011.
4.
No tax deduction at source (TDS).
5.
No tax rebate is applicable.
6.
Minimum investment amount is Rs.1500/-
or in multiple thereafter.
7.
Maximum amount is Rs. 4.50 lakhs in a single account and Rs.9 lakhs in a joint account.
8.
Auto credit facility of monthly interest to saving
account if accounts are at the same post office.
9.
Account can be opened by an individual, two/three adults
jointly, and a minor through a guardian.
10. Non-Resident Indian / HUF
cannot open an Account.
11. Minors have a separate limit
of investment of Rs. 3 lakhs and the same is not clubbed with the limit of guardian.
12. Facility of premature
closure of account after 1 year but on or before 3 years @ 2.00% discount.
13. Deduction of 1% if account is closed prematurely at any time
after three years.
14. Suitable scheme for retired
employees/ senior citizens and for those who need regular monthly income.
