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POST OFFICE MIS
Salient Features
- Interest rate of 8.50% per annum payable monthly.
- 5% bonus also payable on maturity (for accounts opened before 1st December 2011), for accounts opened after 1st December 2011 no bonus payable on maturity.
- Maturity period is 5 years.
- Maximum amount is Rs. 4.50 lakhs in a single account and Rs.9 lakhs in a joint account.
- Premature encashment facility after one year.
- No TDS.
- Account can be opened by an individual, two/three adults jointly, and a minor through a guardian.
- A minor having attained 10 years of age can open an account in his/her own name directly.
- Non-Resident Indian / HUF cannot open an Account. Minors have a separate limit of investment of Rs. 3 lakhs and the same is not clubbed with the limit of guardian.
- A separate account is opened for each deposit.
- Any number of accounts can be opened subject to the maximum prescribed limit.
- Facility of automatic credit of monthly interest to saving account if accounts are at the same post office.
- Facility of premature closure of account after 1 year to 3 years @ 2.00% discount.
- Deduction of 1% if account is closed prematurely at any time after three years.
- Facility of reinvestment on maturity of an account.
- Interest not withdrawn does not carry any interest.
- Maturity proceeds not drawn are eligible to earn savings account interest rate for a maximum period of two years.
- Account is transferable to any Post Office in India, free of cost.
- Nomination facility is available.
- Rebate under section 80 C is not admissible.
- Most suitable scheme for senior citizens and for those who need regular monthly income.
- Deposits are exempt from Wealth Tax.
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