From April 01, 2023 to June 30, 2023, the rate of interest is 7.4 % each year payable month-to-month. (Representative picture)
Interest will likely be payable on completion of a month from the date of opening and so forth until maturity.
The authorities has quite a lot of financial savings schemes to encourage folks to economize and to offer them with a protected and safe funding choice. Some of the favored financial savings schemes provided by the federal government of India are Public Provident Fund, National Savings Certificate, Sukanya Samriddhi Yojana, Senior Citizen Savings Scheme and Kisan Vikas Patra (KVP), amongst others.
The National Savings Monthly Income Scheme Account is one such government-backed financial savings scheme in India that gives a set month-to-month earnings to its traders. It is obtainable by the Department of Posts, Ministry of Communications, and is offered in any respect put up places of work throughout the nation.
Post Office Monthly Income Scheme Account (MIS)
The Post Office Monthly Income Scheme Account (POMIS) is a well-liked financial savings scheme provided by the postal service. It is a low-risk financial savings scheme that provides a set charge of curiosity and supplies an everyday supply of earnings to traders.
Here are some key options of the Post workplace MIS account:
- Minimum Rs 1000/- and within the multiples thereof. Maximum Rs 9 Lakhs in single account and Rs 15 lakhs in joint account may be invested.
- A depositor might function a couple of account underneath this scheme topic to the ceiling of most quantity, which can be invested in a single, or joint account.
- A guardian might also open an account on behalf of a minor or an individual of an unsound thoughts.
- Account may be closed prematurely after one 12 months however earlier than the expiry of three years on deduction of two% of the deposit. In case the account is closed after expiry of three years, 1% of the deposit shall be deducted.
Who Can Open a Post Office Monthly Income Scheme Account?
- A single grownup
- Joint Account (as much as 3 adults) (Joint A or Joint B))
- A guardian on behalf of minor/ individual of unsound thoughts
- A minor above 10 years in his personal identify.
Post Office Monthly Income Scheme Account: Deposit
- Account may be opened with a minimal of Rs. 1000 after which a number of of Rs. 1000.
- A most of Rs. 9 lakh may be deposited in a single account and 15 lakh in Joint account.
- In a joint account, all of the joint holders shall have equal share in funding.
- Deposits/shares in all MIS accounts opened by a person shall not exceed Rs. 9 lakh.
- Limit for accounts opened on behalf of a minor as guardian shall be separate.
Post Office Monthly Income Scheme Account: Interest
- Interest shall be payable on completion of a month from the date of opening and so forth until maturity.
- If the curiosity payable each month will not be claimed by the account holder, such curiosity shall not earn any extra curiosity.
- In case any extra deposit made by the depositor, the surplus deposit will likely be refunded again and solely PO Savings Account curiosity will likely be relevant from the date of opening of account to the date of refund.
- Interest may be drawn by way of auto credit score into financial savings accounts standing on the identical put up workplace, or ECS. In the case of MIS accounts at CBS Post places of work, month-to-month curiosity may be credited into financial savings accounts standing at any CBS Post Offices.
- Interest is taxable within the hand of the depositor.
Post Office Monthly Income Scheme Account: Premature Closure Of Account
- No deposit shall be withdrawn earlier than the expiry of 1 12 months from the date of deposit.
- If the account is closed after 1 12 months and earlier than 3 years from the date of account opening, a deduction equal to 2% from the principal will likely be deducted and the remaining quantity will likely be paid.
- If an account closes after 3 years and earlier than 5 years from the date of account opening, a deduction equal to 1% from the principal will likely be deducted and the remaining quantity will likely be paid.
- Account may be prematurely closed by submitting a prescribed software type with a go ebook on the involved Post Office.
Post Office Monthly Income Scheme Account: Maturity
- Account could also be closed on expiry of 5 years from the date of opening by submitting a prescribed software type with a go ebook on the involved Post Office.
- In case the account holder dies earlier than maturity, the account could also be closed and the quantity will likely be refunded to nominee/authorized heirs. Interest will likely be paid as much as the previous month, during which refund is made.
Post Office Monthly Income Scheme Account: Interest Rate
From April 01, 2023 to June 30, 2023, the rate of interest is 7.4 % each year payable month-to-month.
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