Monthly Income

A monthly income scheme is a financial instrument where an investor gives a certain sum of money to a bank or a financial institution (company) and the entity pays interest for the duration of the deposit. The rate of interest paid varies depending on the amount and tenure. Investor’s, especially conservative investors, prefer to openmonthly income scheme, as it is a safe investment option and it can be opened easily and quickly. The account can be opened by individually or jointly.

The reasons why monthly income scheme deposits is an ideal form of investment are as follows:

  1. Guaranteed returns: Unlike investment in the stock market or commodity market, fixed deposits are not a risky investment as they do not depend on fluctuating market rates. Investors can rest assured that his investments are safe and he will be getting back a guaranteed monthly interest amount without disturbing his principal amount to carry his daily needs.
  2. Easily withdrawable: The amount that is invested in monthly income scheme can be withdrawn at any time for a small penalty. The investor may have a financial emergency to meet financial needs during marriage, sickness or when his business is in loss. The penalty is less than that of selling stocks or real estate as the asset cannot be sold easily because of its high value and if you are in a distressed situation, you will sell it for a much lower rate. Whereas, fixed deposits can be withdrawn at any time and all you lose is a certain interest income.
  3. Flexible in nature: monthly income scheme deposits can be taken for tenure of 1 year or 5 years based on your needs and for whatever amount that you can invest monthly income scheme can be invested for tenure of your choice. If you have planned for a big event in 5 years, then you can have a fixed deposit kept for 5 years to meet your financial requirement in 5 years. You can have various fixed deposit accounts to save for different goals.
  4. Higher interest rates
  5. Doorstep service

Interest Payment Table (On Deposit of Rs. 50,000/-)

Scheme Name Tenure Rate of Interest Invest Amount MONTHLY INTEREST
KMIS-3 36 9 100000 750
KMIS-5 60 9.5 100000 792

Terms & Conditions:

  1. It is mandatory to become a member in the company.
  2. Monthly income schemeaccount can be opened with minimum Rs. 10,000 /- and further in multiple ofRs. 1000.
  3. In this scheme interest will be deposited to saving account or he can get cheques with monthly/quarterly intervals.
  4. TDS Deduction will be as per and income tax Act.
  5. Premature facility is not available 3 months after opening of account.
  6. If M.I.S. account is closed after 3 months but before 6 months no interest willbe paid.
  7. If any person appliesfor prematurepayment of his/her M.I.S.deposit, the person will be paid 2% less of maturity amount after 6 months.
  8. In case of death of a depositor, the company will repay to nominee or legal hares the principle & interest according to scheme tenure.
  9. Loan facility is available against deposits up to 70% of deposited amount after one month from the date of deposit.
  10. Stationary Expenses of Rs. 100 / - will be charged in case of prepayment in this scheme.
  11. No interest or profit will be payable in the scheme after the maturity.
  12. Special interest rates will be applicable for people over 60 years of age, women, ex-servicemen, Prime members of SINL, state and central government employees.
  13. Company Management reserve right to change/alter in the scheme.
  14. In case of any dispute in this scheme, the decision of the company management will be final and valid.

Tenure of Accounts:

The tenure of the account 12 months and above.

Mode of payment:

All payments to the company shall be made either in cash or by cheque/ draft against the receipt countersigned by its authorized signatory payments by any mode or media other than mentioned above shall be at the member account holder's own risk. The cheque/draft shall be credited in the name of member Account Holder subject to clearance by the bank. Out station cheques shall not be accepted.

Issue of Bond:

A MIS BOND will be issued to every member of account holder. If any discrepancy or differenced in the amount is found between the entries made in the BOND and receipts duly counter signed by the authorized signatory of the branch office bearing seal. Payment shall be made on the basis of receipts only.


To open MIS account in SINL, you must satisfy the following eligibility criterion:

  • You must have the age above 18 years
  • It is mandatory to be a member in the company.
  • If you are below the age of 18 years, then your guardian must be the member of SINL.

Required Documents for Account Opening:

To abide by the KYC (Know Your Customer) policy of RBI & Govt. and approved KYC norms of our company, we insist to produce Three recently colored photograph along with one document of identify proof
Ration Card with photo,
Driving License,
PAN card,
Voter ID card,
Aadhaar Card
Any other ID issued by Govt. Authorities

And one document of residential Address proof
Utilities (Telephone Bill, Electricity Bill, Water Bill)
Bank Account / Credit card statement
UIDAI ( Aadhar ) Card
PAN Card
Driving License
Voter ID
Bank Statement
Electricity Bill

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