National Savings Monthly Income Account: Those who are looking forward to putting money in a government-run scheme can consider a post office saving scheme. This scheme by India Post offers 6.6 per cent interest payable per annum. Interested individuals can refer to the official website of India Post at indiapost.gov.in for further details.
Recently, India Post has tweeted about this savings scheme from its official Twitter handle. The tweet said, “Invest in National Savings Monthly Income Account (MIS) and get up to 6.6% annual interest every month.
Minimum and maximum investment
The interested individuals who are looking to invest under this scheme must note that the minimum amount for the opening of an account under this scheme is Rs 1000 and the deposits will have to be in the multiples of Rs 1000.
It has to be noted that the maximum investment limit is Rs 4.5 lakh in a single account and Rs 9 lakh in a joint account. An individual can invest a maximum Rs 4.5 lakh in MIS (including his share in joint accounts).
For the calculation of the share of an individual in a joint account, each joint holder has an equal share.
Who can open an account?
The interested investors must be aware of who can open an account under this scheme. It must be noted that the account can be opened by a single adult, a joint account can be held by up to three adults (Joint A or Joint B), a guardian on behalf of a minor/ person of unsound mind and a minor above 10 years in his own name.
The individuals must also be aware of the interest details about the scheme. They are as follows:
(i) Interest shall be payable on completion of a month from the date of opening and so on till maturity.
(ii) If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.
(iii) In case any excess deposit is made by the depositor, the excess deposit will be refunded back and only PO Savings Account interest will be applicable from the date of opening of an account to the date of refund.
(iv) Interest can be drawn through auto credit into a savings account standing at the same post office, or ECS. In the case of an MIS account at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post Offices.
(v) Interest is taxable in the hand of the depositor.
The account may be closed on expiry of 5 years from the date of opening by submitting the prescribed application form with a passbook at the concerned post office. In case the account holder dies before the maturity, the account may be closed and the amount will be refunded to the nominee/legal heirs. Interest will be paid up to the preceding month, in which a refund is made.
In case of any queries, the interested individuals can log in to the official website of India Post at indiapost.gov.in.