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Features
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Returns
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P. O. Monthly Income Scheme provides an interest rate of
8.2% per annum which is paid monthly.
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Investment
Limitation
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Min Amount Rs.
1,500/- and additional investment in multiples of 1,500/-
Max Amount Rs. 4,50,000/- (if
Single) or Rs. 9,00,000/- (if held Jointly).
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Scheme
Availability
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All through the year.
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Mode
of Operation
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- 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
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P. O. Monthly Income Scheme has an maturity period of
5
years.
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Nomination
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Facility is there at the time of opening the account or
anytime during the tenure of the account.
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Premature
Encashment
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Can be prematurely encashed after one 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.) A
bonus of 5% on principal amount is admissible on maturity in respect
of MIS accounts opened on or after 8.12.07
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Maturity
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No Bonus on Maturity w.e.f. 01.12.2011 . |
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Lost
of Passbook
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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
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Tax benefits can be availed under section 80L. No Tax
benefits are provided under section 88.
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Tips
for Investing
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- A
good scheme for the retired to get a fixed income
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