Monthly Income Investment
Monthly Income Investment, This is a plan that can be opened through Post Office. Let us see what are the features of the Post Office Monthly Income Scheme.
- Government of India Plan
- Safe Investment Plan
- Guaranteed Monthly Income
- Regular Monthly Income
Post Office Monthly Income Investment is not eligible for an income tax deduction.
Who can open the account?
Only Indian residents can open an account. The account can be by an individual adult or joined account can be opened by two or more adults. Even parents can open an account in the name of a minor.
A minor of 10 years and above can open and operate the account.
The minimum deposit is Rs.1000 and the maximum deposit is Rs.4.5 lakhs. In the case of a joint account, a maximum of Rs. 9 lakhs can be deposited.
It is currently offering an interest rate of 6.6%. The Post Office Monthly Income Scheme operates on the basis of standard interest rates. The monthly Interest will be credited to your account through the Auto Credit Facility.
The term of the Post Office Monthly Income Scheme is 5 years. An account can be closed prematurely after one year of opening the account.
Money can be withdrawn before it expires. Closing the account will result in a reduction of 2% if 3 years ago and 1% after 3 years and the balance will be refunded.
A nomination facility is available. You can nominate either at the time of account opening time or after opening the account.
In this scheme account transfer facility also available. MIS account can be transferred from one Post office to another.