The post office MIS account offers an interest rate of 7.6 per cent per annum, which is payable monthly.India Post, which has a network of over 1.5 lakh post offices across the country, provides a range of financial services, other than its mailing operations.
The Department of Posts offers nine savings schemes with different interest rates.
Interest rates on post office saving schemes move in line with the government's interest rates on small savings schemes, which are revised on a quarterly basis.
One such savings scheme offered by India Post is monthly income scheme account (MIS), according to its official website, indiapost.gov.in.1.
Account opening: Post office monthly income scheme account can be opened by individuals through cheque or cash.
In case of cheque, the date of realisation of cheque in government's account shall be the date of opening of account.2.
Interest rates: The post office MIS account offers an interest rate of 7.6 per cent per annum, which is payable monthly.3.
Amount: The minimum amount required to set up the account is Rs.
1,500.
The maximum investment limit is Rs.
4.5 lakh in a single account and Rs.
9 lakh in a joint account, noted India Post.4.
Maturity period and withdrawal: The maturity period of the MIS account is 5 years.
The account can be prematurely encashed after one year but before three years at the discount of 2 per cent of the deposit and after three years, at the discount of 1 per cent of the deposit.
Discount means deduction from the deposit.5.
Other facilities: Nomination facility is available at the time of opening and also after opening of MIS account.
The account can be transferred from one post office to another.Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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