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National Savings Monthly Income Scheme

Introductory:

Post Office Monthly Income Scheme is an ideal scheme for retiring persons and also those who want steady flow of regular income.

  • Maturity period of the scheme is 5 years.
  • Amount can be deposited in multiples of ` 100/- subject to a maximum limit of ` 4.5 lakh in single account and ` 9 lakh in joint account.
  • A depositor may operate more than one account under this scheme subject to the ceiling of maximum amount, which may be invested in single, or joint account.
  • A guardian may also open an account on behalf of a minor or a person of an unsound mind.
  • Rate of interest is notified by the government from time to time on quarterly basis and payable on monthly basis.
  • Current Rate of Interest Payable .
  • Account can be closed prematurely after one year but before the expiry of three years on deduction of 2% of the deposit. In case the account is closed after expiry of three years, 1% of the deposit shall be deducted.

Click for National Savings Monthly Income Scheme Rule.

Click for National Savings Monthly Income Scheme Forms.

 
 
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National Savings Institute, Ministry of Finance (DEA) Govt. of India First Floor,ICCW Building.4,Deen Dayal Upadhayaya Marg,New Delhi-110002.
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