INSUBCONTINENT EXCLUSIVE:
Post office saving schemes: The maturity period of post office RD and MIS accounts are 5 years.India Post, under the Department of Posts,
which runs postal services in the country, also offers banking facilities
Besides allowing customers to open a savings account like banking peers, post offices also offer a number of saving schemes
Two such products offered by Post office are recurring deposit (RD) and monthly income scheme (MIS)
Interest rates on these post office saving schemes move in line with the government's interest rates on small savings schemes, which are
revised on a quarterly basisParticularPost Office RDPost Office MISMaturityThe maturity period of post office RD account is 5 years
However, it can be continued for another five years on a year-to-year basis.The lock-in period for Post Office MIS is 5 years.Minimum
AmountIt can be opened with a minimum of Rs 10 per month or any amount in multiples of Rs 5.The minimum amount required to set up a monthly
1,500.Upper LimitThere is no maximum limit on investment.Maximum investment limit is Rs
4.5 lakh in single account and Rs
9 lakh in joint account.Interest RatesCurrently it offers an interest rate of 7.3 per cent per annum with quarterly compounded.Investment in
the post office Monthly Income Scheme fetches interest at the rate of 7.7 per cent after maturityPremature WithdrawalOne withdrawal up to 50
per cent of the balance is allowed after one year in case of a post office recurring deposit account
However, it should be repaid in one lump-sum along with interest at the prescribed rate at any time during the currency of the account.The
account can be prematurely en-cashed after one year
However, if it is en-cashed before three years, the post office deducts 2 per cent of the deposit
If you en-cash it after 3 years, 1 per cent of deposit is deducted.(As mentioned on India Post's official website- indiapost.gov.in)Other
national savings certificates (NSC), kisan vikas patra (KVP), and sukanya samriddhi accounts.Get the latest election news, live updates and
election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections
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