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of <h1>Post Office Monthly Income deposits: Rule 8 sets tiered interest rates, monthly payouts, rounding, and excess-deposit limits</h1> Rule 8 prescribes the interest regime for deposits under the Post Office (Monthly Income Account) Rules, 1987 by fixing rate slabs linked to the date of deposit (ranging from 14% per annum for deposits made between 24 April 1992 and 2 September 1993 to 7.6% per annum for deposits made on or after 1 July 2019), thereby determining the applicable contractual return for each deposit cohort. It mandates monthly payment of interest on completion of each month from the date of deposit, permits authorised credit of such interest to the depositor's savings account (including, for core banking accounts, to an account at any post office or any bank branch) subject to savings-balance limits, denies additional interest on unclaimed monthly interest, requires rounding to the nearest rupee, and regulates excess deposits by requiring withdrawal and limiting interest on the excess to the prevailing Post Office Savings Account rate up to the specified cutoff month.
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