INSUBCONTINENT EXCLUSIVE:
MIS account can be transferred from one post office to another.
India Post, the operator of postal
system in the country, also offers nine types of savings schemes with different interest rates
Monthly income scheme (MIS) account, one such savings scheme offered by the India Post, provides interest at the rate of 7.6 per cent for
the current quarter, which is payable monthly, according to India Post's website - indiapost.gov.in
A Monthly Income Scheme (MIS) account can be opened through cheque or cash
In case of cheque, the date of realisation of cheque in government's account is the date of opening of account
The investment must be done in multiples of Rs 100.The maturity period of MIS account is 5 years.Joint account can be opened by two or three
into joint and vice versa.Investors can open any number of MIS accounts in any post office subject to maximum investment limit by adding
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
Discount means deduction from the deposit.Interest can be drawn through auto credit into savings account standing at same post office,
through post dated cheques (PDCs) or electronic clerance service (ECS)
December 8, 2007 and up to November 30, 2011
No bonus is payable on the deposits made on or after December 1, 2011, according to India Post.Get Breaking news, live coverage, and Latest
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