You are looking for how
to open a Post Office Monthly Income Scheme. Here we are describing
how to open a MIS in 2014.
->Who can open a MIS
in Post Office ?
Account can be opened
by an individual, two/three adults jointly, and a minor through a
guardian. But, this is
best suited for a senior citizen or a retired employee as it brings
fixed guaranteed earning.
-> What is the limit
of investment in MIS of Post Office in India?
Minimum investment
amount is Rs. 1500/-.
Single account holder
can invest up to Rs. 4.5 lakhs and a joint account holder can invest
up to Rs. 9 lakhs.
->What is the
current interest rate in POMIS in 2014?
Current interest on
post office Monthly Income Scheme 2014 is 8.5% payable monthly.
->What are the
Benefits and features of Post Office Monthly Income Scheme?
Either one can withdraw
the interest let it get deposited in other account in the same Indian
Post office.
If one person has a
recurring or saving account in the same post office then Auto credit
facility of monthly interest to the recurring or saving account is
available. This is much more secure way of saving money.
->What if one closes
the account prematurely?
There would be a
Deduction of 2% if account is prematurely closed between 1-3 three
years.There would be a
Deduction of 1% if account is closed prematurely at any time after
three
years.
->Is there TAX
Rebate on on interest earned from MIS in PO?
There is no Tax rebate
on interest earned in MIS in Post Office.
Tax Deduction at Source
(TDS) is not applicable.
- ->Is nomination facility available in PO-MIS?
Yes Nomination facility
is available with the Post Office Monthly Investment Scheme.
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