INSUBCONTINENT EXCLUSIVE:
Both post office recurring deposit (RD) and monthly income scheme (MIS) offer guaranteed returns.India Post or Department of Posts, which
Among the nine savings schemes that India Post provides, recurring deposit or RD account and monthly income scheme (MIS) offer an interest
rate of up to 7.7 per cent for quarter ending March 31, according to India Post's official website - indiapost.gov.in
Both post office recurring deposit (RD) and monthly income scheme (MIS) offer guaranteed returns.Minimum/maximum investmentThe minimum
amount required to set up a monthly income account is Rs 1,500
The minimum amount required for opening a post office recurring deposit account (RD), on the other hand, is Rs 10 per month
There is no maximum limit on investment.Interest ratesPost office monthly income scheme (MIS) account fetches an interest rate of 7.7 per
The interest on this account is payable monthly, according to India Post
The maturity period of post office RD account is also 5 years
However, the post office five-year RD account can be continued for another five years on a year-to-year basis, according to India
Post.Premature withdrawalThe post office MIS 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, according to India Post
In case of post office RD account, one withdrawal up to 50 per cent of the balance is allowed after one year
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
In case of death of depositor, the full maturity value allowed on a post office recurring deposit (RD) is restricted to Rs 50 denomination,
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