Interest%20payable%20on%20Post%20Office%20Monthly%20Income%20scheme%20account%2C%20applicable%20from%20April%201%2C%202020%20is%20@6%25%20per%20annum%20payable%20monthly.%20The%20deposits%20should%20be%20made%20in%20multiples%20of%20Rs.1000%20and%20the%20upper%20limit%20for%20investment%20that%20can%20be%20made%20in%20a%20single%20account%20is%20Rs.%204.50%20lakh%20and%20in%20a%20joint%20account%20is%20Rs.%209%20lakhs.%26nbsp%3B
%3Cstrong%3E%3Cu%3EImportant%20Points%3C/u%3E%3C/strong%3E
The%20accounts%20can%20be%20open%20singly%2C%20jointly%28up%20to%203%20adults%29%2C%20by%20guardians%20on%20behalf%20of%20their%20minors%20or%20on%20behalf%20of%20persons%20of%20unsound%20mind%20and%20by%20minors%20above%2010%20years%20of%20age%2C%20in%20their%20own%20name.%26nbsp%3B
%3Cstrong%3E%3Cu%3EDeposits%3C/u%3E%3C/strong%3E
An%20account%20can%20be%20opened%20with%20a%20minimum%20of%20Rs.%201000%20and%20in%20multiples%20of%20Rs.%20100.%20A%20maximum%20of%20Rs.%204.50%20lakh%20can%20be%20deposited%20in%20a%20single%20account%20and%209%20lakh%20in%20Joint%20account.%20%26nbsp%3BIn%20a%20joint%20account%2C%20all%20the%20holders%20shall%20have%20equal%20share%20in%20investment.%20Deposits/shares%20in%20all%20MIS%20accounts%20opened%20by%20an%20individual%20can%20not%20exceed%20Rs.%204.50%20lakh.%20The%20limit%20for%20an%20account%20opened%20on%20behalf%20of%20a%20minor%20by%20a%20guardian%20is%20to%20be%20separate.
%3Cstrong%3E%3Cu%3EInterest%3C/u%3E%3C/strong%3E
Interest%20shall%20be%20payable%20on%20completion%20of%20a%20month%20from%20the%20date%20of%20opening%20and%20so%20on%20till%20the%20date%20of%20maturity.%20%26nbsp%3BIf%20the%20interest%20payable%20every%20month%20is%20not%20claimed%20by%20the%20account%20holder%20it%20shall%20not%20earn%20any%20additional%20interest.%20In%20case%20any%20excess%20deposit%20made%20by%20the%20depositor%2C%20it%20will%20be%20refunded%20back%20and%20only%20PO%20Savings%20Account%20interest%20will%20be%20applicable%20from%20the%20date%20of%20opening%20of%20account%20to%20the%20date%20of%20refund.%20Interest%20can%20be%20drawn%20through%20auto%20credit%20into%20savings%20account%20standing%20at%20same%20post%20office%2C%20or%20ECS.%20In%20case%20of%20MIS%20account%20at%20CBS%20Post%20offices%2C%20monthly%20interest%20can%20be%20credited%20into%20savings%20account%20standing%20at%20any%20CBS%20Post%20Offices.%20Interest%20is%20taxable%20in%20the%20hand%20of%20depositor.
%3Cstrong%3E%3Cu%3EPre-mature%20closure%20of%20account%3C/u%3E%3C/strong%3E
No%20deposit%20can%20be%20withdrawn%20before%20the%20expiry%20of%201%20year%20from%20the%20date%20of%20deposit.%20If%20the%20account%20is%20closed%20after%201%20year%20and%20before%203%20years%20from%20the%20date%20of%20opening%2C%20a%20deduction%20equal%20to%202%25%20from%20the%20principal%20will%20be%20deducted%20and%20remaining%20amount%20will%20be%20paid.%20%26nbsp%3BIf%20account%20is%20closed%20after%203%20years%20and%20before%205%20years%20from%20the%20date%20of%20account%20opening%2C%20a%20deduction%20equal%20to%201%25%20from%20the%20principal%20will%20be%20deducted%20and%20remaining%20amount%20will%20be%20paid.%20The%20account%20can%20be%20prematurely%20closed%20by%20submitting%20prescribed%20application%20form%20with%20pass%20book%20at%20concerned%20Post%20Office.%20%u200B
%3Cstrong%3E%3Cu%3EMaturity%3C/u%3E%3C/strong%3E
Account%20may%20be%20closed%20on%20expiry%20of%205%20years%20from%20the%20date%20of%20opening%20by%20submitting%20prescribed%20application%20form%20with%20pass%20book%20at%20concerned%20Post%20Office.%20In%20case%20the%20account%20holder%20dies%20before%20the%20maturity%2C%20the%20account%20may%20be%20closed%20and%20amount%20will%20be%20refunded%20to%20nominee/legal%20heirs.%20Interest%20is%20to%20be%20paid%20up%20to%20the%20preceding%20month%2C%20in%20which%20the%20refund%20is%20made.%26nbsp%3B%3Cbr%3EStay%20tuned%20for%20further%20updates%20on%20more%20Post%20Office%20Schemes%21%26nbsp%3B%3Cbr%3E%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23PostOfficeSchemes%22%20data-user-id%3D%22Mo37HkkwSyR4%22%20href%3D%22/topic/postofficeschemes%22%3E%23PostOfficeSchemes%3C/a%3E%20%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23India%22%20data-user-id%3D%22Bq4MmUPrXF8p%22%20href%3D%22/topic/india%22%3E%23India%3C/a%3E%20%3Ca%20class%3D%22mention%22%20data-mention%3D%22%23PostOffice%22%20data-user-id%3D%22L18dmDXItpkL%22%20href%3D%22/topic/post-office%22%3E%23PostOffice%3C/a%3E%26nbsp%3B
