About monthly income scheme detail for all

Indian postal department is also offering banking services, which have many types of schemes. One of these plans is the monthly income plan (MIS). Interest is collected in the month on the amount deposited in it. According to the official website of the Indian Postal Department, the rate of interest from April 1, 2017 in this scheme is 7.6 years per year.

A single account can be deposited at a maximum of Rs 4.5 lakh in multiples of Rs 1500 and Rs 9 lakh in a joint account. The amount of maturity in the scheme is 5 years. There is a concession in the tax on depositing of rupees in this scheme.

With some conditions the amount before the maturity date can be redeemed after one year. Bonus was also provided after this maturity period, but no bonus is payable in the event of maturity on MIS accounts opened on or after 01-12-2011.

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