MONTHLY INCOME SCHEME
A Monthly Income is a financial instrumental provided by bank or NBFC’s which providing investors a high rate of interest then a regular savings account until the maturity date . It may or may not require the creation of a separate account.
Interest Payment Table (On Deposit of Rs. 10000/-)
| Period | Rate Of Interest | Monthly Income |
|---|---|---|
| 1 Year | 11.00% | 91.60/- |
| 2 Year | 11.25% | 93.75/- |
| 3 Year | 11.50% | 95.80/- |
| 4 Year | 12.00% | 100/- |
| 5 Year | 12.26% | 102/- |
Pre Mature Closure of deposit
Fore closure of deposit will not be premitted until completion of 33 months from the date of deposits foreclosed after 6 months , interest at 2% will be deducted from the rate of Simple interest for period of deposit.