| Post
Office Schemes |
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| P. O.
Monthly Income Scheme |
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| Features
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| Returns |
P. O. Monthly Income Scheme provides an interest rate of 9.0%
per annum which is paid monthly.
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| Investment Limitation |
Min Amount Rs.
1,000/- and additional investment in multiples of 1,000/-
Max Amount Rs. 3,00,000/- (if
Single) or Rs. 6,00,000/- (if held Jointly).
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| Scheme Availability |
All through the year.
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| Mode of Operation |
- Single
- Joint (Two or more)
- Minor with parent/guardian
- Minor who has attained age of 10
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Depositor can have more than one account in the same post
office or in any other.
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| Tenure of Investment |
P. O. Monthly Income Scheme has an maturity period of 6 years.
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| Nomination |
Facility is there at the time of opening the account or anytime
during the tenure of the account.
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| Premature Encashment |
Is permitted if deposit is more than one year old. A deduction
of 5% is levied from the principal amount if withdrawn prematurely; the
10% bonus is also denied.
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| Maturity |
A bonus of 10% is paid at the time of maturity.
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| Lost of Passbook |
A Passbook is issued at the time of opening the account. If
the passbook is lost, or it is is mutilated, a duplicate is issued on payment
of a charge.
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| Tax Benefits |
Tax benefits can be availed under section 80L. No Tax benefits
are provided under section 88.
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| Tips for Investing |
- A good scheme for the retired to get a fixed income
- Benefit of a terminal bonus of 10% if the account is maintained till
maturity
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