New Delhi: Post Office Monthly Income Scheme is a popular and trustworthy option of saving your hard-earned money and receive a stable monthly income. All you need to do is to open a Monthly Income Scheme Account (MIS) at Post Office and deposit your money.Also Read - IRE vs IND: Hardik Pandya-Deepak Hooda Star As India Rout Ireland By 7 Wickets In 1st T20

Post Office Monthly Income Scheme for Senior Citizens Interest Rate 2021 MIS Account

  • As on June 25, 2021, the interest rate for the Post Office Monthly Income Scheme is 6.6 per cent per annum payable monthly, according to details shared on India Post website.
  • One can open a single account for Post Office Monthly Income Scheme.
  • There can be a joint account up to 3 adults. A guardian can open an account on behalf of minor or person of unsound mind. A minor above 10 years in his own name.
  • Post Office Monthly Income Scheme account can be opened with minimum of Rs 1000 and in multiple of Rs 100.
  • Under Post Office Monthly Income Scheme, a maximum of Rs 4.50 lakh and Rs 9 lakh can be deposited in single account and Joint account respectively.
  • Investors must remember that in a joint account, all the joint holders must have equal share in investment. Deposits or shares in all MIS accounts opened by an individual must not exceed Rs 4.50 lakh, India Post stated.
  • Interest on Post Office Monthly Income Scheme must be payable on completion of a month from the date of opening and so on till maturity.
  • Monthly Income Scheme Account at Post Office can be closed on expiry of 5 years from the date of opening by submitting prescribed application form with pass book at concerned Post Office, India Post said.
  • However, in case any account holder dies before the maturity, the account may be closed and amount will be refunded to nominee or legal heirs. In that case, interest will be paid up to the
    preceding month, in which refund is made.
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