As govt policy goes govts are fickle and keep changing rules
Postal MIS with its paltry return of 8% is a deadbeat investment in the Congress or Rahulfnflation era where inflation is above 10% officially and 15% in real terms.
But for those already invested here is a ready reckoner with full details. Please leave a comment if you find any errors… E & OE.
Postal MIS Rules
Investment Limit : Maximum amount is Rs. 4.5 lacs in single account and Rs. 9 lacs in a joint account Wef 8.12.07 Onwards. It was Single 3 Lakhs and Joint 6 Lakhs before.
Premature Withdrawal : No penalty on death of Holder … Nomination available. In case of joint holdings 50% or share of deceased Holder can be withdrawn. You need not disclose death if you want to continue the investment to maturity
Premature withdrawal of the invested amount is allowed after 1 year of opening the account. If the account is closed between 1 and 3 years of opening, 2% of the deposited amount is deducted as penalty. If it is closed after 3 years of opening, 1% of the deposited amount is charged as penalty. The bonus amount is forfeited when you close the account early.
|From||Rate Of Int||Maturity Bonus||Term||ITax Rebate|
|Before 1.1.99||13%||10%||6 yrs||80L|
|1.1.99 to 14.1.00||12%||10%||6 yrs||80L|
|15.1.00 to 28.2.01||11%||10%||6 yrs||80L|
|1.3.01 to 28.2.02||9.50%||10?||6 yrs||80L|
|1.3.02 to 28.2.03||9%||10?||6 yrs||80L|
|1.3.03 Onwards||8%||5%||6 yrs||80L|
|13.2.06 Onwards||8%||Nil||6 yrs||Nil|
|8.12.07 Onwards||8%||5%||6 yrs||Nil|
|1.12.2011 Onwards||8.20%||Nil||5 yrs||80C|
|1.4.2012 Onwards||8.50%||Nil||5 yrs||80C|