MIS (MONTHLY INCOME SCHEME)
Getting a guaranteed monthly income is an important goal for people, especially retired senior citizens. Roxyment India Nidhi Bank has come up with a Monthly Income Plan for you. It is a fixed deposit plan that pays monthly interest to give you a fixed income every month to meet your expenses. You can invest funds that are lying idle in a regular monthly income plan that will provide a degree of income certainty every month.
Monthly interest can be earned from monthly income mutual fund schemes, fixed deposit plans, annuity, and other such financial instruments. However, as fixed deposits offer fixed returns despite the changing market scenario, they are more stable as compared to the other options. You can also estimate your returns as the interest rate of FDs remains constant throughout the tenor. To calculate your monthly interest payout, you can use an online FD calculator.
Roxyment India Nidhi Monthly Income Scheme, amongst others such as Savings Account, Recurring Deposit, Time Deposit, is one of the highest-earning schemes with an interest rate of 7.4%. The interest in this scheme, as the name suggests, is disbursed monthly. This scheme, like other schemes, is recognized and validated by The Ministry of Finance.
Calculation of Monthly Income Scheme
Mode | Tenure | Rate of Interest | Deposit Amount | Monthly Income | Maturity Amount |
|---|---|---|---|---|---|
Monthly | 12 Months | 7% | 20,000/- | 117/- | 21,600/- |
Monthly | 18 Months | 8-8.50% | 20,000/- | 133/- | 21,700/- |
Monthly | 60 Months | 9-9.50% | 20,000/- | 150/- | 21,900/- |
Monthly | 60 Months | 10-10.50% | 10,00,000/- | 8,333/- | 11,05,000/- |
Monthly | 60 Months | 10.50-11.25% | 25,00,000/- | 21,875/- | 27,81,250/- |
Monthly | 66 Months | 11.50-13% | 1,00,000/- | 958/- | 1,13,000/- |
Monthly | 66 Months | 11.25-12% | 25,00,00/- | 23,438/- | 28,00,000/- |
Monthly | 66 Months | 11.25-12% | 75,00,000/- | 70,312/- | 84,00,000/- |
Monthly | 66 Months | 12-13% | 1,00,00,000/- | 1,00,000/- | 1,13,00,000/- |
Monthly | 66 Months | 13-14% | 1,00,00,000/- | 2,16,667/- | 2,28,00,000/- |
Monthly | 66 Months | 13.50-14% | 2,00,00,000/- | 2,25,000/- | 2,28,00,000/- |
Monthly | 70 Months | 13-13.50% | 32,00,000/- | 34,667/- | 36,32,000/- |
Quarterly | 36 Months | 9-9.50% | 20,000/- | 150/- | 21,900/- |
Quarterly | 60 Months | 9-9.75% | 20,000/- | 150/- | 21,950/- |
Quarterly | 66 Months | 11.25-12% | 75,00,000/- | 70,312- | 84,00,000/- |
Quarterly | 66 Months | 12-13% | 1,00,00,000/- | 1,00,000/- | 1,13,00,000/- |
Quarterly | 66 Months | 9-11.50% | 1,00,000/- | 750/- | 1,11,250/- |
Eligibility
- Daily An individual in his own name.
- More than one individual in joint name.
- Minor of age 10 and above on terms laid down by the bank. Accounts can also be opened in the name of minor with their father/mother, as guardian.
- Clubs, associations, Educational Institutions, Partnerships and joint stock companies, provided they are registered and bank is satisfied that the account is opened for genuine savings purposes.
Most Important Terms & Conditions
- Rate of Interest to Senior Citizen: An additional interest @ 0.50% is payable for deposits below Rs. 2 crore only.
- Tax Deduction at Source: TDS will be deducted as per income tax rules. No TDS will be deducted if a person submits form 15G/15H as applicable.
- TDS Certificate: TDS certificate will be provided to all customers.
- Advance against Deposits: This facility is not available to a minor account in single name and HUF. If the interest is not deposited for more than 2 quarters, term deposit will be apportioned immediately.
- Interest certificate available at request of customer
- Deposit certificate- Term Deposit Receipt is provided
- Term deposits can be transferred from one branch to another branch at the request of the customer.
- Mode of Payment: Maturity proceeds are credited to the SB/ CA account of the customer. In cases where there are no operative accounts of the customer, maturity proceeds can be given in cash below Rs. 20,000 above which DD/pay order will be issued.
- Minor Accounts can be opened for individuals above 10 years subject to maximum cap of Rs. 1,00,000