Get Monthly / Quarterly interest in your saving account on your Fixed deposit:
Most of the people think that fixed deposit is a deposit with bank in which we keep our money on contracted rate of interest for a specified period . At the end of period bank pay us our deposit i.e. principal along with interest. It is correct too. But we have other options too. Like MIC , QIC etc
MIC or MIDC ( Monthly Income certificate or Monthly Income deposit certificate ) or any other such name which varies from bank to bank is a type of fixed deposit scheme.
In MIC ,we keep our fund for a specified tenure on a specified rate of interest like any other fixed deposit . Only benefit is that in MIC interest credit given to your SB account on monthly basis. Please also note that rate of interest of MIC or any such other scheme is equivalent to rate of normal Fixed deposit .
Tax rules will also remain same as applicable on other fixed deposit .
MIC is good for senior citizens , pensioners , housewives , widows or same type of needy customers who need money on monthly basis.
We want to bring in your notice that you are not required to fill any form etc to get Monthly interest in your account . Bank will credit interest automatically in your account .
QIC ( Quarterly interest certificate ) is also same in rules except interest will be paid by bank on quarterly basis in case QIC.
Keep investing as per your need . Get benefit of regular interest earning through MIC / QIC.
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