Only scheme in Post office where monthly interest is payable.
Suitable scheme for senior citizens and for those who need regular monthly income.
Interest rate of 8% per annum payable monthly.
Maximum amount is Rs.4.5 lacs in single account and Rs. 9 lacs in a joint account.
Maturity period is 6 years.
Facility of automatic credit of monthly interest to saving account if accounts
are at the same post office.
Facility of premature closure of account after one year @2% discount.
After three years with 1% deduction
Transferability
Account is transferable from one post office to any Post office in India free of cost.
Nomination facility available.
Income Tax
Rebate under section 80 C not admissible.
Interest income is taxable, but no TDS
Deposits are exempt from Wealth Tax
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