Bonus on MIS scrapped for existing Or new investors ?

POSTED BY Jagoinvestor ON November 15, 2011 1:10 pm COMMENTS (4)

Recently the MIS (Post office monthly saving scheme) bonus of 5% on maturity has been scrapped ,but is it scrapped for existing investors also or just for new investors ?

I think it should be for new only , because then its unfair to existing one’s . Can anyone confirm this ?

Manish

4 replies on this article “Bonus on MIS scrapped for existing Or new investors ?”

  1. Dear Manish, Earlier too for a brief period if I recall right from 2006 to 2008, the bonus was scrapped but that too was only for new accounts opened after notification.

    In this case, the old accounts ‘ll continue to earn 8% interest rate (the old rate) & at the end of 6Y term (again the old term) ‘ll get 5% bonus.

    New accounts to be opened after the notifications, ‘ll be for 5Y term, 8.2% interest rate & zero maturity bonus.

    Thanks

    1. Thanks for the reply Ashal

    2. RAJANNA K V says:

      Dear Mr.Ansal,

      I have my MIS for 9 Lacs jointly with my wife opened on 31.12.2009. I am confused about the bonus of 5% on maturity after the 2011 government decision of scrapping out bonus. Please clarify whether I am eligible for 5% bonus or not.

      Rgds.

      Rajanna K V

  2. bharat shah says:

    i think your thinking is correct. simultaneously the existing would not get the increased interest rate and reduced holding period. as i understand, such fds are contracts and terms could not be changed unilaterally.

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