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Post Office Monthly Income Scheme: Interest Rate And Other Details Here
NDTV, June 16, 2019

India Post, which has a network of over 1.5 lakh post offices across the country, provides a range of financial and retail services. The Department of Posts offers several savings schemes with different interest rates. One such savings scheme offered by India Post is monthly income scheme account (MIS), according to its official website, indiapost.gov.in. The post office monthly income scheme account can be opened by individuals via cheque or cash. In case of cheque, the date of realisation of cheque in government account shall be the date of opening of account. The maturity period of the account is 5 years.

Here are 5 things to know about post office monthly income scheme (MIS) account:

1. Interest Rates: The post office MIS account offers an interest rate of 7.7 per cent per annum, which is payable monthly. 2. Amount: The minimum amount required to set up a monthly income account is Rs. 1,500. The maximum investment limit is Rs. 4.5 lakh in a single account and Rs. 9 lakh in a joint account, according to India Post.

3. Premature withdrawal: The account can be prematurely encashed after one year but before three years at the discount of 2 per cent of the deposit and after three years at the discount of 1 per cent of the deposit. Discount means deduction from the deposit.

4. Number of accounts: MIS account can be transferred from one post office to another. Investors can also open any number of MIS accounts in any post office subject to maximum investment limit by adding balance in all accounts, noted India Post.

5. Other facilities: Nomination facility is available at the time of opening and also after opening of MIS account.

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