MONTHLY INCOME SCHEME-HIGHLIGHTS OF THE SCHEME

1. WHO CAN OPEN THE MIS ACCOUNT
An Individual can open this account
A. On his own name.
B. With other one or two individuals jointly.
C. Guardian On behalf of minor.
D. A minor who have completed the age of 10 years.
2. Amount of Deposit.
A. Account can be opened with minimum of Rs 1500/- or in multiple of Rs 1500/-
B. Maximum amount of Deposit in single account is Rs 4,50,000/- and Rs 9,00,000/- in joint account.
C. A declaration regarding non deposit of excess amount in MIS Accounts is necessary.
3. Maturity period of account.
A. Maturity period of account is 6 years.
4. Premature closer of Account.
A. Account can be closed after expiry of one year. Subject to following condition.
1. 2% of Deposit amount will be deducted from principal if an account closed after one year but before expiry of three years.
2. 1% of Deposit amount will be deducted from principal if an account closed after expiry of three years.
3. If account to be closed prematurely due to death of Depositor there will be no deduction from principal amount.
5. INTEREST
A. Rate of interest is 8%.
B. Interest is payable on the monthly basis.
C. First monthly interest is payable on the date of deposit in next month.
D. If the due date of interest is a Sunday or holiday interest is payable on previous day.
E. Monthly Interest can be credited to the Savings Bank account if applied.

6. BONUS
1. Bonus is payable after expiry of 6 years from the date of deposit @10% of deposit for accounts opened before
11-02-06 and @5% of deposit for accounts opened on or after 08-12-2007. No bonus is payable for accounts opened during 12-02-06 to 07-12-2007.