What is the tenure of Monthly Income Scheme?
Our Monthly Income Scheme is available with various tenures like 1 year, 2 years, 3 years, 4 years, 5 years and a maximum tenure of 6 years.
What is the minimum investment amount for Monthly Income Scheme?
The minimum amount of investment is Rs. 10,000 for Monthly Income Scheme and after that, one can invest in multiples of Rs. 1,000 in this product.
How much interest can a member earn in Monthly Income Scheme?
The interest rate of the product are as follows:-
- 1 Year – 8.50% Yearly
- 2 Years – 8.50% Yearly
- 3 Years – 9.00% Yearly
- 4 Years – 9.00% Yearly
- 5 Years – 9.50% Yearly
- 6 Years – 9.50% Yearly
Is there any facility for prematurity in Monthly Income Scheme?
Members can premature this deposit as per following rules:-
- (A) MIS for 01 Year:- The member can get prematurity after 06 months
- (B) MIS For 02 Years:- The member can get prematurity after 12 months
- (C) MIS For 02 To 06 Years:- The member can get prematurity after 24 months
(The interest paid monthly will be recovered)
Is there any facility for loan in Monthly Income Scheme?
Yes! Loan facility is available against Monthly Income Scheme. Members can avail maximum 60% loan against their investment amount. Interest rate will be applicable as per rules of the Society.
Are there any special benefits in rate of interest for senior citizens and women?
Yes! A special benefit of 0.50 % for women and 1% for senior citizens on basic rate of interest is given. If a woman is also a senior citizen, then she can get only one benefit.
Are the value date and maturity dates included for interest calculation?
Inception date is included while maturity date is not included for interest calculations.