Is my under standing of monthly income scheme on Indian postal right?

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Is my under standing of monthly income scheme on Indian postal right?

If I put Rs. 1,00,000 in Monthly Income Scheme. Yearly intrest is 8% so montly I will get around Rs. 650. Yearly 8500 I will get. maturity is 6 yrs with 10% bonus. At maturity after 6 yrs. I will get 1,10,000. So total I will get 1,10,000 + 51,000 = 1,61,000. Is my understaning right?

2007-03-13 00:09:07 · 2 answers · asked by Dhanush 2 in Business & Finance ➔ Personal Finance

2 answers

Yes that is correct.
Note that the monthly interest that is accrued is tax free.
However if you wish to withdraw the money before the term is completed, you will forfeit 5-10% of the amount.

2007-03-13 00:18:47 · answer #1 · answered by gaurav 2 · 0⤊ 0⤋

I am not sure about the bonus thing . Just check it with ur local post office. But this investment is safer as compared to mutual funds MIP

2007-03-15 23:18:22 · answer #2 · answered by Anonymous · 0⤊ 0⤋