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OUR USEFUL BANKING SERVICES

 

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 %  

  1. Post Office MIS is for 6 years only one deposit in an account.
  2. Only individuals can open the account; either single or joint.
  3. Interest is paid to the depositor monthly on completion of the month from the date of initial deposit.
  4. Monthly interest can be automatically credited  to savings account.
  5. 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.  
                                                                                     
  6. On matured Account.................................................. Only Principal is paid. 
                                                                                     

Monthly Income Scheme Account

Scheme

Rate of Interest

Limits

Tax Benefit

Monthly Income Scheme account

 

8%  Monthly income for Rs. 1000 is Rs...  

Rs. 1000 or in its multiples.
Max. (W.e.f. 01.02.2000)
Single: 3,00,000
Joint : 6,00,000 

Interest exempted up to Rs.9000/- along with other such income as per Sec.80L



Note :

(i) No Interest will be payable if amount deposited in Post Offices is over the   maximum permissible limits.

(ii) Nomination facility is available

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