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A Monthly Income Scheme of Post Office Recurring Deposit Scheme

Regular savings is said to give best returns and more so, when started at the earliest. Various schemes are available for individuals across many banks as well as post offices. These are accounts opened in institutions, where the money can be deposited or invested in form of various schemes. For millions of Indians seeking worthy investments with regular income, the monthly income scheme of post office recurring deposit scheme can be a great option to consider. There are very few plans where regular savings can be turned into investment profiles, so as to get the best addition for returns.

  • Lucrative offers on recurring deposits in post office

India Post has come up with unique deposit schemes for Indians, besides delivering letters, parcels and other communications. People can deposit their money with the post offices in their locality, as variety of schemes have been launched in all post offices across the country. This is one of the advantages of deposit schemes in India Post because any kind of plan launched is applicable across all the post offices located in every town and village in India. Among the various kinds of deposit schemes, the one related to recurring deposit in post office is quite lucrative.

  • Monthly Income Scheme merged with recurring fixed deposits

Recurring deposit is supposedly a form of account, where the account holder is required to put in a certain fixed amount of money on a monthly or any agreed period, so that the interest rate is calculated on this particular deposit on an annual basis. To make it further profitable for the depositors, India Post has launched the scheme of Monthly Income Scheme or MIS on the deposit that an account holder has in the post office.

Features making MIS attractive with recurring deposits

Such an offer of MIS on the recurring deposit in post office seems to be attractive because the interest on a certain deposited amount can now be transferred to a savings account on a monthly basis, which can serve as an income for the person. Over the years, when the recurring deposit is quite large or from the beginning of the deposit, the interest on the amount can be availed as a source of income. The larger the recurring deposit becomes, the more would be the income. Interest rates for such scheme are fixed on year to year basis and are usually kept at par with many other deposit schemes in banks or other financial institutions. Such incomes from interest are usually not taxable and hence make the resource further beneficial for the account holder.

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