Post Office Monthly Income Account

Post Office Monthly Income Account

Scheme
Post Office Monthly Income Account

Interest Payable, Rates , Periodicity etc.
8% per annum payable i.e. Rs. 80/- will be paid every month on a deposit of Rs 12000/-. In addition 10% bonus is also payable on maturity i.e. Rs. 1200/- will be paid as bonus after 6 years for deposit of Rs. 12000/-.

Denominations & Investment limits
In multiple Rs. 1000/- Maximum Rs. 3 lakhs in Single account and Rs. 6 lakhs in joint account.

Salient Features Including Tax Rebate
Maturity period is 6 years. Can be prematurely encashed after one year at 3.5% discount. However, no such deduction shall be made if the account is closed after three years from the date of opening of such account. Interest & bonus deductible under Sec. 80-L of I.T. Act.