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

Post Office - Recurring Deposit Account

Any individual (a single adult or two adults jointly) can open an account.

Advance Deposits earn rebate.

Four defaults are allowed.

Rate of interest 8.40%

Maturity value of a 5 Years RD account opened on or after 1.4.2012 with monthly deposit of INR.10/- shall be INR.746.51.

Defaults can be paid within two months.

Part withdrawal facility available.

Premature closure allowed after three years.

Pay Roll Savings Scheme is also available for employees of various Establishments.

Type of Account : Individual Account

 

Minimum Deposit : INR. 10/- and in multiples of INR. 5/- thereafter

 

Maximum Deposit : No Maximum Limit

 

Interest Calculator

 

Recurring Deposit Rules