New Delhi: The government has a super hit government scheme. In which if you invest together then there will be guaranteed monthly income. This scheme is Post Office Monthly Income Scheme (Post Office MIS). Ups and downs in the market have no effect on the investment made in this scheme. Your money is completely safe in it. MIS account has to be invested only once. Its maturity is 5 years.
₹ 3,083 monthly income on ₹ 5 lakh deposit
Post Office MIS Scheme of Post Office has monthly income guarantee.
Single account holders can deposit a maximum of Rs 9 lakh in this scheme. 7.4 percent annual interest is being given on this scheme. It is paid quarterly. According to MIS calculator, if you deposit Rs 5,00,000 in lump sum, you will earn Rs 3,083 per month. That is, you will get an annual interest of Rs. 36,996 will get. If you open a joint account, you can deposit a maximum of Rs 15 lakh in lump sum.
Post Office MIS has a maturity of five years, subject to premature closure. However, you can withdraw money only after completion of one year from the date of deposit. According to the rules, if the money is withdrawn between one year and three years, 2 percent of the deposited amount will be deducted and returned. If you withdraw before maturity after 3 years of account opening, 1 percent of your deposit will be deducted and returned.
Account opening made easy
Post Office MIS can be opened by any citizen of the country. An account can also be opened in the name of the child. If the child is below 10 years of age, his parents or legal guardian can open the account in his name. When the child turns 10, he can get the right to operate the account himself. Let us tell you that for MIS account you should have a saving account in the post office. You have to provide Aadhaar card, PAN card for ID proof.
5 special things of the scheme to keep in mind
– Can transfer MIS account from one post office to another post office.
– Maturity i.e. on completion of five years it can be extended for further 5 years each.
– MIS account has nomination facility.
– In MIS two or three people can also open a joint account together. The income earned in exchange for this account is distributed equally to each member.
– You can convert joint account to single account anytime. You can also convert single account to joint account. A joint application of all the account members has to be submitted for making any kind of change in the account.