How POMIS returns can be maximised by RD: One can avail of a loan up to 50% of the balance and this is allowed after one year of having operated this account. There is no ceiling on the number of accounts that can be opened by one in any post office. Premature closure is allowed after three years from the date of opening of the account. This account can be transferred from one post office to another. No maximum limit for the balance that can be retained. The minimum amount for opening of account is Rs 100 per month or any amount in multiples of Rs 10. The account can be opened in cash or through a cheque. Post office Recurring Deposit (RD) scheme offers an interest rate of 5.8 % per annum (quarterly compounded).
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