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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.
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Maturity period of the scheme is 5 years.
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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.
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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.
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A guardian may also open an account on behalf of a minor or a person of an unsound mind.
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Rate of interest is notified by the government from time to time on quarterly basis and payable on monthly basis.
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Current Rate of Interest Payable .
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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.
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