Post Office Monthly Income Scheme (POMIS)
The Post Office Monthly Income Scheme (PO MIS) is a small investment and savings scheme. Main Features/ Rules - This scheme provides a regular monthly income to the depositors and has a term of 6 years. Minimum amount of investment is , and maximum amount in case of single account is ,50,000/-, and in case of joint account is ,00,000/-. Interest rate is 8% payable monthly with a bonus of 5% payable on maturity. Nomination facility is available. Rebate under…
Senior Citizen Savings Scheme
Senior Citizen Savings Scheme is an investment instrument directed towards Senior Citizens. Eligibility is 60 years of age or above, on the date of opening the account. Proof of age and a photograph of account holder are required. The age limit is reduced to 55 years in case of an individual retiring on superannuation or otherwise, or under VRS or special VRS, provided the account is opened within one month of date of receipt of retirement benefits. The retired personnel…
National Savings Certificate (NSC)
National Savings Certificate, also popularly known as NSC is a tax saving investment instrument with a maturity of 6 years. Features and Details - Minimum investment Rs. 500/- No maximum limit. Rate of interest 8% compounded half yearly. Rs. 1000/- grow to Rs. 1601/- in six years. Two adults, Individuals, and minor through guardian can purchase. Companies, Trusts, Societies and any other Institutions not eligible to purchase. Non-resident Indian/HUF can not purchase. No pre-mature encashment. Annual interest earned is deemed…
Kisan Vikas Patra
Kisan Vikas Patra, also popularly known as KVP is one of a very good investment scheme with high interest rates. KVP has the following main features - Money doubles in 8 years and 7 months. Rate of interest compounded annually. Minimum Investment Rs. 500/- No maximum limit. Two adults, Individuals and minor through guardian can purchase. Companies, Trusts, Societies and any other Institution not eligible to purchase. Non-Resident Indian/HUF are not eligible to purchase. Facility of encashment from 2 ½…