Post Office Monthly Income is an ideal scheme for retiring persons and also those
who want steady flow of regular income.
Rate of interest from time to time :
For
accounts opened from 02.09.1993 to
31.12.1998...........................13%
01.01.1999 to 14.01.2000...........................12%
15.01.2000 to 28.2.2001.............................11%
01.03.2001 to
28.2.2002.............................9.5%
01.03.2002 to
28.02.2003
9%
01.03.2003 to onwards .............................8
%
Post Office MIS is for 6 years only one deposit in an account.
Only individuals can open the account; either single or joint.
Interest is paid to the depositor monthly on completion of the
month from the date of initial deposit.
Monthly interest can be automatically credited to
savings account.
Premature closure is permitted
i. After one year before 3
years............................With reduction of 2% from deposit amount.
ii. After 3
years....................................................With reduction of
1%
from
deposit amount.
On matured
Account.................................................. Only
Principal is paid.
Note :
(i) No
Interest will be payable if amount deposited in Post Offices is over the maximum
permissible limits.
