Post Office Monthly Income Scheme Account - MIS -7.80%, In multiples of Rs. 1500

Post Office Monthly Income Scheme Account (MIS)

Interest payable, 

Rates, Periodicity etc.
From 1.4.2016, interest rates are as follows:-
o    7.80% per annum payable monthly.
Minimum Amount for opening of account

and maximum balance that can be retained
o    In multiples of Rs 1500/-
o    Maximum investment limit is INR 4.5 lakhs 
in single account and INR 9 lakhs in joint account
o    An individual can invest maximum Rs. 4.5 lakh 
in MIS (including his share in joint accounts)
o    For calculation of share of an individual 
in joint account, each joint holder have 
equal share in each joint account.
Salient features 
including Tax Rebate
o    Account may be opened by individual.
o    Account can be opened by cash/cheque and in 
case of cheque the date of realization 
of cheque in Govt. account shall be 
date of opening of account.

o    Nomination facility is available at the time
of opening and also after opening of account.
o    Account can be transferred from 
one post office to another.
o    Any number of accounts can be opened in 
any post office subject to maximum investment 
 limit by adding balance in all accounts.
o    Account can be opened in the name of minor 
and a minor of 10 years and above age 
can open and operate the account.
o     Joint account can be opened by two / 
or three adults.
o    All joint account holders have equal share in 
each joint account.
o    Single account can be converted into Joint 
and Vice Versa.
o    Minor after attaining majority has to 
apply for conversion of the account in his name.
o    Maturity period is 5 years from 1.12.2011.
o    Interest can be drawn through auto 
credit into savings account standing at 
same post office, through PDCs or ECS./
In case of MIS accounts standing at 
CBS Post offices, 
monthly interest can be credited into 
savings account standing at any CBS Post offices.
o    Can be prematurely en-cashed after 
one year but before 3 years at the 
discount of 2% of the deposit and after 
3 years at the discount of 1% of the deposit. 
 (Discount means deduction from the deposit.)

A bonus of 5% on principal amount is admissible on maturity in respect of MIS accounts opened on 
or /after 8.12.2007 and up to 30.11.2011. 
No bonus is payable on the deposits 
made on or after 1.12.2011.


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