This post office scheme is named Monthly Income Scheme (MIS). Under this scheme, payment can be taken every month on opening an account and investing. This scheme is very good for those who do not have regular income.
An account can be opened under this scheme with a minimum of 1000 rupees. It also has the facility to open a joint account with a single account. The maximum investment limit is Rs 4.5 lakh for a single account and Rs 9 lakh for a joint account. This account can be opened by anyone over the age of 10 years.
Source: AsiaNews.com
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