Nikhil bhagat (owner) 20 March 2013

Mis post office scheme problem

Hi.

My father opened three MIS accounts in post office. Two of them in the year 2008 and once in 2010 respectively. Totaly value is approx 3 lacs combined and have been earning an interest @ 8 % per annum since then.

1) However as per the news reports on internet the interest rate was changed to 8.5 % w.e.f march 2012. So we are supposed to receive the additional interest per month which we are not from past one year? What action are we supposed to take against this so we receive the due interest?

2) I also learned that for a 5 year term deposit the interest rate was 8.3 %. Since when this came in effect?

3) Since the bonus has been removed w.e.f from 2013 are we still supposed to incur penalty (1 %) if we withdraw the amount before the maturity? the maturity is due this year as per new change to 5 year duration.

4) If we still are supposed to pay the penalty on premature withdrawal, can i save that by filing the legal heirs' settlement claim since my father died few months ago. In such case will there be any deduction?

Thanks

Nikhil

Reply Follow

4 Replies

Advocate Rohit (Advocate) 20 March 2013

you need to write to the post office about it i.e. receiving less interest on the MIS. also, you need to produce succession certificate only if the nomination is not done in the MIS.

Kindly get in touch with the post master. he shall guide you.

Regards,

Advocate Rohit Dalmia

9324538481

Mumbai

Kumar Doab (FIN) 20 March 2013

MIS: Interest shall be accrued (@ as mentioned in Passbook and at the time of opening the a/c) till the date a/c is operated.

The PO a/c are:

jointly or by the survivors/survivor which is called Joint-A type account (b) either of them/any of them or either of the survivors or survivor which is called Joint-B type account.

If it is a joint a/c the a/c may be allowed to be operated as per mandate signed at the time of opening the a/c.

If the a/c does not complete its term bonus may not be allowed.

If there is nomination, the nominee can prefer the claim in the prescribed form along with death certificate.

If there is no nomination, any one of the legal heirs can prefer the claim in the prescribed form [SB84]. For this death certificate and consent statements of all legal heirs are required. Claim up to one lakh cane be settled.

If the claim exceeds Rs. 1,00,000/- the claimant should be advised to obtain a succession certificate from a competent court of law or produce the probate of a will or letters of Administration of Estate of the deceased.

You may approach Sub Post master. The rules and systems in PO are well defined. Complete the formalities and obtain the payment.

Nikhil bhagat (owner) 21 March 2013

Thank you Rohit Sir for reply. I do have the nomination so I can claim accordingly.

Thanks for information Kumar sir. What I wonder is if the interest benefit is not provided and is locked till maturity period then why is the bonus not locked too ? This seems to be partiality. if interest is not modified then bonus should remain the same too.. otherwise we need to close the mis account n reopen it to avail higher percentage?

My other main query is if I file the death claim (I am the nominee) then do I need to pay the penalty of 1% or no ?

Thanks again

prof s c pratihar (medical practitioner &legal studies) 23 November 2015

Terms ans conditions on the date of opening ac sl prevail. You are a nominee you can withdraw as premature encashment pl meet the post master with your identity. And follow the advice of posts master