Monthly Income Scheme (MIS)
Safe & sure way to get a regular monthly income.
Specially suited for retired employees/ Senior Citizens or any one with high sum for investment.
Rate of interest 8%.
10% Bonus on maturity. (withdrawn w.e.f 13th February 2006)
Maturity Period - Six Years.
Post maturity Interest at the rate applicable from time to time (at present 3.5%)
Auto credit facility to SB Account.
Type of Account
|
Minimum limit
|
Maximum limit
|
|
Single |
Rs. 1000/- |
Rs. 4.5 lakhs |
|
Joint |
Rs. 1000/- |
Rs. 9 lakhs |
Deposit in Monthly Income Scheme and invest interest in Recurring Deposit to get 10.5% (approx) interest.
Above scheme operates automatically, if you open a saving bank account and give a request for automatic transfer of Monthly Income Scheme interest to Recurring Deposit through Saving Bank account.
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