Post Office Monthly Income Scheme (MIS) Account
Return- 7.3% per annum payable monthly to individual/joint
Both individual and joint accounts can be opened under this scheme. The minimum deposit amount for opening the account is Rs 1,500 and maximum limit is Rs 4.5 lakh. For a joint account, it can go up to Rs 9 lakh. Nomination and transfer facilities are available. The maturity period is 5 years.
You can withdraw the amount prematurely after one year but before 3 years at a deduction of 2% of the deposit. You will get 5% as bonus if you can wait till the maturity.