India Post, which also provides banking services besides postal services, offers several savings schemes for small savers. One such product offered by India Post is monthly income scheme (MIS). The post office MIS account offers an interest rate of 7.3 per cent per annum. The interest on post office monthly income scheme (MIS) account is payable monthly. The minimum amount required to set up a monthly income account is Rs 1,500. Maximum investment limit is Rs 4.5 lakh in single account and Rs 9 lakh in joint account, noted India Post on it's official website- indiapost.gov.in.
Here are 10 things to know about Post office monthly income scheme (MIS) account:
1. Post office monthly income scheme accounts can be opened by individuals via cheque or cash.
2. In case of cheque, the date of realization of cheque in government account should be the date of opening of account, stated India Post.
3. The maturity period of Post Office MIS account is 5 years.
4. Nomination facility is available at the time of opening and also after opening of MIS account.
5. MIS account can be transferred from one post office to another.
6. Any number of MIS accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.
7. Account can be opened in the name of minor and a minor of 10 years and above age can also open and operate the account.
8. Joint account can be opened by two or three adults. All joint account holders have equal share in each joint account.
9. Single monthly income scheme (MIS) account can also be converted into joint account and vice versa.
10. The account can be prematurely en-cashed after 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 deposit. Discount means deduction from the deposit.