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Government Of Assam Finance Directorate of Small Savings

Monthly Income Scheme (MIS) Account

  • A popular scheme where the account holder fix deposits a sum starting from Rs 1,500 to maximum of Rs 4.5 lakh for single account holders and Rs 9 lakh in joint account holders and the interest from the amount is paid back every month.

    Key Features:

    • For calculation of share of an individual in joint account, each joint holder have equal share in each joint account.
    • Nomination facility is available at the time of opening and also after opening of account.
    • Account can be transferred from one post office to another.
    • Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.
    • Account can be opened in the name of minor and a minor of 10 years and above age can open and operate the account.
    • Joint account can be opened by two or three adults.
    • All joint account holders have equal share in each joint account.
    • Single account can be converted into Joint and Vice Versa.
    • Minor after attaining majority has to apply for conversion of the account in his name.
    • Maturity period is 5 years.
    • The deposit can be prematurely en-cashed after one year but before 3 years at the discount of 2 per cent of the deposit and after 3 years at the discount of 1 per cent of the deposit. (Discount means deduction from the deposit)

    Source: India Post