Post Office Monthly Income Scheme ( MIS )

Post Office Monthly Income Scheme Account ( MIS )
The person who wants to get money as like salary in every month, and have some sufficient money in their hand to invest this is the right scheme

In one word a monthly income scheme, this scheme is best suits for senior citizens, can cater their monthly financial needs

Post Office Monthly Income Scheme Account holder can deposit maximum of 4.5 lakh in case of single and 9 lakh in case of joint account

A high security scheme with 7.3% rate of interest, monthly interest can be credited to post office account

Features of Post Office Monthly Income Scheme Account

• Account can open any citizen of India


• Account can be opened with cheque and cash


• Nomination facility available while opening the account


• Account can be transferred from any post office to another


• Any number of accounts can be opened but subjected to the balanced added in their account


• Accounts can be opened in behalf of minor below 10 years of age and above 10 years of age


• Can open joint account by two or three adults


• All joint account holders can contribute on equal contribution ratio


• Can convert joint accounts in to single account


• A minor can convert account on behalf of this name after attaining 18 years of age


• Can en-cash after one year of account opening if you want


• A bonus of 5% payable for account if you open account on or before 30.11.2011


• Tenure is 5 years

Review of Post Office Monthly Income Scheme Account:

Positives of Post Office Monthly Income Scheme Account

• Can avail like monthly income


• Interest of 7.3% credited to post office account every month


• A govt security scheme, your money will be safe every time

Negatives of Post Office Monthly Income Scheme Account

• 7.3% interest rate is less comparing with other post office schemes


• No income tax deduction will be allowed under this scheme


• Interest earned under this scheme is taxable