Logo Tamilnadu Postal Circle

 

MONTHLY INCOME SCHEME

Period during which opened

Minimum Amount of Deposit
(Rs.)  

Maximum Amount in case of Single Account
(Rs.)  

Rate of Interest

Monthly Interest Payable on Minimum Deposit
(Rs.)  

From  

To  

01.06.1993 01.09.1993 6,000 2,04,000  14%   70.00 
02.09.1993 31.12.1998  6,000 2,04,000  13%   65.00 
01.01.1999 14.01.2000 6,000 2,04,000  12%   60.00
15.01.2000 31.01.2000  6,000 2,04,000  11%   55.00 
01.02.2000  17.07.2000 6,000 3,00,000  11%   55.00 
18.07.2000 28.02.2001 1,000 3,00,000  11%   9.00
01.03.2001  28.02.2002   1,000 3,00,000  9.5% 8.00
01.03.2002 28.02.2003 1,000 3,00,000  9.0% 7.50
01.03.2003 15.08.2007 1,000 3,00,000 8.0% 7.00
16.08.2007 30.11.2011 1,500 4,50,000 8.0% 10.00
01.12.2011 31.03.2012 1,500 4,50,000 8.2% 10.00*
01.04.2012 onwards 1,500 4,50,000 8.5% 11.00*
* Rounded off to the nearest rupee.

Features

  Only one deposit in an account.

  Only individuals can open the account; either single or joint (two or three). Maximum limit in
       case of joint accounts is Rs.9 lakhs.

  Maturity period - 5 years for accounts opened on or after 01.12.2011

  Lockup period - 1 year.

  Interest rounded off to nearest rupee.

  Interest is paid to the depositor monthly on completion of the month from the date
      of initial deposit.

   Monthly interest can be automatically credited to savings account.  

   Premature closure is permitted (w.e.f 10/02/2006)

       i. After 1 year and before 3 years, with reduction of 2% from deposit amount
   
  ii. After 3 years, with reduction of 1% from deposit amount

   On maturity, 10 % of principal is paid as bonus to the depositor, only in respect of
       accounts opened prior to 13/02/2006.

   On maturity, 5 % of principal is paid as bonus to the depositor, only in respect of
       accounts opened during the period 08/12/2007 to 30/11/2011.