More than one account can be opened subject to maximum deposit limits.
Where can be opened :
At any post office.
Maturity of Monthly Income Scheme
Period of maturity of an account is six years.
Deposits:
Only one deposit shall be made in an account.
Deposit limits
Minimum: rupees one thousand.
Maximum: rupees three lakhs in case of single and rupees six lakhs in
case of joint account. Deposits in all accounts taken together shall not
exceed Rs. three lakhs in single account and Rs. six lakhs in joint account.
The depositor’s shares in the balances of joint accounts shall be taken as
one half or one third of such balance according as the account is held by 2
or 3 adults.
Interest
Interest @ 8 per cent/ per annum, payable monthly in respect of the
accounts opened on or after the 1st March, 2003.
In addition, bonus equal to ten per cent of the deposited amount is
payable at the time of repayment on maturity.
Pass Book
Depositor is provided with a pass book with entries of the deposited amount
and other particulars duly stamped by the post Office.
Premature cloasure of Monthly Income Scheme:
Premature closure facility is available after one year subject to condition.
Closure of account
Account shall be closed after expiry of 6 years, bonus equal to ten per cent of
deposits shall be paid alongwith principle amount.
Income Tax relief under Monthly Income Scheme:
Income tax relief is available on the interest earned as per limits fixed vide section 80L
of Income Tax, as amended from time to time.
EAccounting has visited India with a rainbow of opportunities. It is high time the Chartered
Accountants in India look beyond
the Indian clientele, as the entire
globe lies before them to be conquered.
A report by Pune-based Value Notes, estimates that as many as 360,000 US tax returns were
prepared in India in 2006. It anticipates further growth, estimating at least 1.6 million returns will
be prepared here in 2011.
Outsourcing is a dirty word. In the US, outsourcing means firing full-time workers and
shipping their jobs to a less developed country where wages are lower and labor laws are more
lax.
