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| Image credit: www.indiapost.gov.in |
Post Office Monthly Income Account
India Post
The Department of Post is commonly known as India Post. It offers multiple services to the Indian citizens like delivering mails, accepting deposits under Small Savings Schemes, providing life insurance and providing retail services like bill collection etc.
Features of Post Office Monthly Income Account
1. Post office Monthly Income Account may be opened by individual.
2. Account can be opened by cash/Cheque and in case of Cheque the date of realization of Cheque in Govt. account shall be date of opening of account.
3. Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
4. Joint account can be opened by two or three adults.
5. All joint account holders have equal share in each joint account.
6. Single account can be converted into Joint and Vice Versa.
7. Maturity period is 5 years from 1.12.2011.
8. Can be prematurely en-cashed after 1 year but before 3 years at the discount of 2% of the deposit and after 3 years at the discount of 1% of the deposit. Discount means deduction from the deposit.
Eligibility for opening an account
1. Account can be opened by any individual.
2. Joint account can be opened by two or three adults.
3. Single account can be converted into Joint and Vice Versa.
4. A minor of 10 years and above age can open and operate the account.
5. Minor after attaining majority has to apply for conversion of the account in his name.
Rate of interest
From 1.04.2020, interest rates are 6.6% per annum payable monthly. Interest can be drawn through auto credit into savings account standing at same post office, through PDCs or ECS. In case of MIS accounts standing at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post offices.
Minimum and Maximum Amount for opening of account
The minimum amount that can be deposited is Rs. 1500 or in multiple thereafter. The maximum amount is Rs. 4.5 lakhs in a single account and Rs. 9 lakhs in a joint account.
Number of accounts
Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.
Documents Required
Post Office Monthly Income Account opening Form, PAN card, address proof and ID proof for KYC verification purpose.
Account transfer facility
You can transfer your Post Office Monthly Income Account from one post office to another.
Nomination Facility
Nomination facility is available at the time of opening and also after opening of account.
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Post Office Monthly Income Account
Nomination Facility
Nomination facility is available at the time of opening and also after opening of account.
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Post Office Monthly Income Account
It is an informative post. For monthly income scheme, where is the money coming from? If I have a bank account, why shall I open an account in a post office? Is it government money that is being paid through post office account? Some clarity needed.
ReplyDeleteThe interest rates for post office small saving schemes are decided by the government every quarter.
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