INSUBCONTINENT EXCLUSIVE:
The maturity period of Post Office MIS account is 5 years.India Post, the postal system of the country offers several saving schemes with
different rates of interest besides postal services
One such savings scheme offered by India Post is monthly income scheme (MIS)
The post office MIS account offers an interest rate of 7.3 per cent per annum, which is payable monthly
The minimum amount required to set up a monthly income account is Rs
The maximum investment limit is Rs
4.5 lakh in a single account and Rs
9 lakh in a joint account, according to India Post's official website, indiapost.gov.in
Nomination facility is available at the time of opening and also after opening of MIS account.Here are key things to know about Post office
monthly income scheme (MIS) account:1
Account opening: Post office monthly income scheme accounts can be opened by individuals via cheque or cash
maturity period of Post Office MIS account is 5 years.3
Tranferable number of accounts: MIS account can be transferred from one post office to another
One can also open any number of MIS accounts in any post office subject to maximum investment limit by adding balance in all accounts.4
Account operations: Account can be opened in the name of minor and a minor of 10 years and above age can also open and operate the account
Joint account can be opened by two or three adults
All joint account holders have equal share in each joint account
Single monthly income scheme (MIS) account can also be converted into joint account and vice versa.5
Premature withdrawal: The account can be prematurely en-cashed after one year but before three years at the discount of 2 per cent of the
deposit and after three years at the discount of 1 per cent of the deposit
Discount means deduction from the deposit.
