In this special scheme of post office, payment can be made every month. The maturity period of this scheme is 5 years. It gets an annual interest of 6.6 percent. It is paid every month. If someone wants to close this account before completion of maturity period, it can be done only after 1 year of opening the account.
The post office deducts 2% of the amount deposited on the premature encashment before completion of 3 years of account opened under the monthly income scheme. At the same time, after completion of 3 years, 1% of the deposit is deducted on premature encashment.
In this scheme, the facility of nomination, facility of transferring accounts from one post office to another, opening of multiple accounts in the same post office is available.
Source: AsiaNews.com
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