If you are looking for a monthly income then this would be of interest to you. This small savings scheme called the Post Office Monthly Income Scheme or MIS gives you a viable investment alternative. It is easy to open an account and the interest rate offered in this scheme is much better than parking all your money in savings account. Know about this scheme here!

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As per the information available on India Post Website, this scheme offers a 6.6 per cent per annum interest rate on your deposits, which is payable on a monthly basis. 

See features of Post Office Monthly Income Scheme:  
Account can be opened in multiples of Rs 1000 by a single adult or a maximum of 3 adults. An account can also be opened in the name of a minor above 10 years of age or guardian on behalf of a person of unsound mind.
Maximum investment limit is Rs 4.5 lakh in single account and Rs 9 lakh in joint account.
An individual can invest maximum Rs 4.5 lakh in MIS (including his share in joint accounts).
For calculation of share of an individual in joint account, each joint holder have equal share in each joint account.
Interest shall be payable to the account holder on completion of a month from the date of deposit.
If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.
Interest can be drawn through auto credit into savings account standing at same post office, or ECS. In case of MIS accounts standing at CBS Post offices, monthly interest can be credited into savings account standing at any CBS Post offices.

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This scheme 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.