Post Office Monthly Income Scheme Account - MIS -7.80%, In multiples of Rs. 1500

Post Office Monthly Income Scheme Account (MIS)

Interest payable, 

Rates, Periodicity etc.

From 1.4.2016, interest rates are as follows:-

o    7.80% per annum payable monthly.

o     

Minimum Amount for opening of account

and maximum balance that can be retained

o    In multiples of Rs 1500/-

o    Maximum investment limit is INR 4.5 lakhs 
in single account and INR 9 lakhs in joint account

o    An individual can invest maximum Rs. 4.5 lakh 
in MIS (including his share in joint accounts)

o    For calculation of share of an individual 
in joint account, each joint holder have 
equal share in each joint account.

Salient features  including Tax Rebate

o    Account may be opened by individual. o    Account can be opened by cash/cheque and in  case of cheque the date of realization  of cheque in Govt. account shall be  date of opening of account. o    Nomination facility is available at the time of opening and also after opening of account. o    Account can be transferred from  one post office to another. o    Any number of accounts can be opened in  any post office subject to maximum investment   limit by adding balance in all accounts. o    Account can be opened in the name of minor  and a minor of 10 years and above age  can open and operate the account. o     Joint account can be opened by two /  or three adults. o    All joint account holders have equal share in  each joint account. o    Single account can be converted into Joint  and Vice Versa. o    Minor after attaining majority has to  apply for conversion of the account in his name. o    Maturity period is 5 years from 1.12.2011. o    Interest can be drawn through auto  credit into savings account standing at  same post office, through PDCs or ECS./ In case of MIS accounts standing at  CBS Post offices,  monthly interest can be credited into  savings account standing at any CBS Post offices. o    Can be prematurely en-cashed after  one year but before 3 years at the  discount of 2% of the deposit and after  3 years at the discount of 1% of the deposit.   (Discount means deduction from the deposit.) A bonus of 5% on principal amount is admissible on maturity in respect of MIS accounts opened on  or /after 8.12.2007 and up to 30.11.2011.  No bonus is payable on the deposits  made on or after 1.12.2011.

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