Interest: 7.4 % per annum payable monthly.
Subscription amount: In multiples of INR 1000/-
Maximum Limit: Maximum investment limit is INR 9 lakh in single account and INR 15 lakh in joint account. An individual can invest maximum INR 9 lakh in MIS (including his share in joint accounts). For calculation of share of an individual in joint account, each joint holder have equal share in each joint account.
Account Type: Individual, Joint, Guardian on behalf of Minor, Minor above 10 years in his/her name.
Interest payment: Interest shall be payable on completion of a month from the date of opening and so on till maturity. If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.
Interest can be drawn through auto credit into savings account standing at same post office, or ECS.
Interest is taxable in the hand of depositor.
Pre-mature closure of account: No deposit shall be withdrawn before the expiry of 1 year from the date of deposit.
If account is closed after 1 year and before 3 year from the date of account opening, a deduction equal to 2% from the principal will be deducted and remaining amount will be paid.
If account closed after 3 year and before 5 year from the date of account opening, a deduction equal to 1% from the principal will be deducted and remaining amount will be paid.
Account can be prematurely closed by submitting prescribed application form with pass book at concerned Post Office.
Maturity: Account may be closed on expiry of 5 years from the date of opening by submitting prescribed application form with pass book at concerned Post Office.
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