INSUBCONTINENT EXCLUSIVE:
India Post, which also provides banking services besides postal services, offers several savings schemes for small savers
One such product 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
The interest on post office monthly income scheme (MIS) account is payable monthly
The minimum amount required to set up a monthly income account is Rs 1,500
Maximum investment limit is Rs 4.5 lakh in single account and Rs 9 lakh in joint account, noted India Post on it's official website-
In case of cheque, the date of realization of cheque in government account should be the date of opening of account, stated India Post.3
The maturity period of Post Office MIS account is 5 years.4
Nomination facility is available at the time of opening and also after opening of MIS account.5
MIS account can be transferred from one post office to another.6
Any number of MIS accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.7
Joint account can be opened by two or three adults
All joint account holders have equal share in each joint account.9
Single monthly income scheme (MIS) account can also be converted into joint account and vice versa.10
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.
