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From 1.4.2014, interest rates are as
follows:- 8.40% per annum payable monthly.
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In multiples of INR 1500/- Maximum
investment limit is INR 4.5 lakhs in single account and INR 9 lakhs in joint
account. An individual can invest maximum INR 4.5 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.
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Account may be opened by individual.
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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.
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Nomination facility is available at the time
of opening and also after opening of account.
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Account can be transferred from one post
office to another.
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Any number of accounts can be opened in any
post office subject to maximum investment limit by adding balance in all
accounts.
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Account can be opened in the name of minor
and a minor of 10 years and above age can open and operate the account.
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Joint account can be opened by two or three
adults. All joint account holders have equal share in each joint account.
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Single account can be converted into Joint
and Vice Versa.
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Minor after attaining majority has to apply
for conversion of the account in his name.
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Maturity period is 5 years from 1.12.2011.
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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.
·
Can be prematurely en-cashed 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
and up to 30.11.2011. No bonus is payable on the deposits made on or after
1.12.2011.