Monthly Income Scheme of the Post Office (MISPO) : A popular scheme of the post office, the MISPO is meant to provide regular monthly income to the depositors. The salient features of this scheme are as follows:
- The term of the scheme is 6 years.
- The minimum amount of investment is 1,000. The maximum investment can be 3,00,000 in a single account or 6,00,000 in a joint account.
- The interest rate is 8.0 percent per annum, payable monthly. A bonus of 10 percent is payable on maturity.
- There is no tax deduction at source.
- There is a facility of premature withdrawal after one year, with 5 percent deduction before 3 years.
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