Monthly Income Scheme account withdrawal prematurely?

My father had invested 1.25 lakhs in Monthly Income Scheme in local Post office. I am in urgent need of money, so I just wanted to withdraw that money. I have few queries on it -
1. Can I close the monthly income scheme account prematurely?
2. If yes, is there any penalty I need to pay for this.
I wants to know all in detail. Please advise me.

Thanking you in anticipation.
Dhruv

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Originally Posted by Dhruv

My father had invested 1.25 lakhs in Monthly Income Scheme in local Post office. I am in urgent need of money, so I just wanted to withdraw that money. I have few queries on it -
1. Can I close the monthly income scheme account prematurely?

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Premature closure facility is available after one year subject to some conditions. Pls contact Post Office for more info.

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2. If yes, is there any penalty I need to pay for this.
I wants to know all in detail. Please advise me.

Thanking you in anticipation.
Dhruv

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Pls contact Post Office for more info.

Premature closure of the account is permitted any time after the expiry of a period of one year of opening the account. Deduction of an amount equal to 5 per cent of the deposit is to be made when the account is prematurely closed. Investors can withdraw money before three years, but a discount of 5%. Closing of account after three years will not have any deductions.

Thanks Narayan and Master for answering the query.