In case you are looking for an investment option for your savings, then you can consider Post Office Monthly Income Scheme (MIS).
The annual interest given to an account holder under Post Office Monthly Income Scheme is 6.6 percent. Interest shall be payable on completion of a month from the date of opening.
Under this scheme, one can open an account with a minimum deposit of Rs 1,000. A maximum of Rs 4.50 lakh can be deposited in a single account, and Rs 9 lakh in a joint account. Amount deposited should be in multiple of 100s.
Person willing to open an account under this scheme should be above 10 years of age. Account of an individual here will mature in five years from the date of opening.
In case of pre-mature closure of account :
- No deposit shall be withdrawn before the expiry of one year from the date of depositing.
- If account is closed after one year and before three years from the date of account opening, a deduction equal to two percent from the principal will be deducted and the remaining amount will be paid.
- If the account is closed after three years and before five years from the date of account opening, a deduction equal to one percent from the principal will be deducted and remaining amount will be paid.
- Account can be prematurely closed by submitting prescribed application form with pass book at the concerned Post Office.
For application form, details about the scheme, customers can click here.
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