Post Office Savings Schemes - Monthly Income Scheme (MIS) Account

Monthly Income Scheme (MIS) Account

• Safe & sure way to get a regular monthly income.
 
• Specially suited for retired employees/ Senior Citizens or any one with high sum for investment.
 
• Rate of interest 8.50%.
 
• Maturity Period - Five Years.
 
• No Bonus on Maturity w.e.f. 01.12.2011.
 
• Auto credit facility to SB Account.
 
MIS and Recurring Deposit Combination
 
Above scheme operates automatically, if you open a saving bank account and give a request for automatic transfer of Monthly Income Scheme interest to Recurring Deposit through Saving Bank account.
 
The above combination will give you approx around 10.25 % interest per annum.
 
The conclusion is quite obvious – you can invest the monthly interest you receive from MIS into the RD account, so that you earn even more interest!
 
Source: Indiapost.gov.in

SBI - The revised interest rates for Domestic Term Deposits

Below Rupees One Crore’ effective from the 7^th September 2012

would be as under:                                    

All figures in % per annum)

Tenor	Below Rs.15 Lakhs		Rs.15 lakhs to less than Rs. 1 Cr
	Existing Rates w.e.f. 07.08.2012	Revised rates w.e.f. 07.09.2012	Existing Rates w.e.f. 07.08.2012	Revised rates w.e.f. 07.09.2012
7 days to 90 days	7.00	6.50	8.00	7.50
91 days to 179 days	7.00	6.50	8.00	7.50
180 days	7.00	6.50	8.00	7.50
181 days to 240 days	7.25	6.50	8.00	7.50
241 days to less than 1 year	7.50	6.50	8.00	7.50
1 year to less than 2 years	9.00	8.50	9.00	8.50
2 years to less than 3 years	9.00	8.50	9.00	8.50
3 years to less than 5 years	9.00	8.50	9.00	8.50
5 years and up to 10 years	8.50	8.50	8.50	8.50

 

Visit SBI website for more details

Economic Times Article - RBI keeps key rates unchanged: Time to invest in bank deposits?

The Reserve Bank of India (RBI) has kept the key rates unchanged in the monetary policy review announced on 18th Dec 2012. Is it the rigth time to invest in Bank Deposits ...

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