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Post Office MIS
   Salient Features
  • Interest rate of 8.20% per annum payable monthly.

  • 5% bonus also payable on maturity (for accounts opened before 1st December 2011), for accounts opened after 1st December 2011 no bonus payable on maturity.

  • Maturity period is 5 years.

  • Minimum investment amount is Rs.1500/- or in multiple thereof.

  • Maximum amount is Rs. 4.50 lakhs in a single account and Rs.9 lakhs in a joint account.

  • Premature encashment facility after one year.

  • No TDS.

  • Account can be opened by an individual, two/three adults jointly, and a minor through a guardian.

  • A minor having attained 10 years of age can open an account in his/her own name directly.

  • Non-Resident Indian / HUF cannot open an Account. Minors have a separate limit of investment of Rs. 3 lakhs and the same is not clubbed with the limit of guardian.

  • A separate account is opened for each deposit.

  • Any number of accounts can be opened subject to the maximum prescribed limit.

  • Facility of automatic credit of monthly interest to saving account if accounts are at the same post office.

  • Facility of premature closure of account after 1 year to 3 years @ 2.00% discount.

  • Deduction of 1% if account is closed prematurely at any time after three years.

  • Facility of reinvestment on maturity of an account.

  • Interest not withdrawn does not carry any interest.

  • Maturity proceeds not drawn are eligible to earn savings account interest rate for a maximum period of two years.

  • Account is transferable to any Post Office in India, free of cost.

  • Nomination facility is available.

  • Rebate under section 80 C is not admissible.

  • Most suitable scheme for senior citizens and for those who need regular monthly income.

  • Deposits are exempt from Wealth Tax.