Post Office Scheme: This is a scheme in which you are guaranteed guaranteed income every month on lump sum deposit. Market fluctuations have no effect on your investment in this scheme.
Post Office Scheme: If you want to earn guaranteed income every month by depositing money in the post office, then there is a great scheme. This cool scheme of the post office is Monthly Income Scheme (Post Office MIS). This is a scheme in which you are guaranteed guaranteed income every month on lump sum deposit. Market fluctuations have no effect on your investment in this scheme. In this your money remains completely safe. Investment has to be made only once in MIS account. Its maturity is 5 years.
Account can be opened with ₹1000
Under this scheme of the post office, an account can be opened with Rs 1,000. Both single and joint accounts can be opened. Up to Rs 9 lakh can be invested in a single account and up to Rs 15 lakh in a joint account. According to the Post Office, interest in MIS is paid every month from the completion of one month from account opening till maturity. Any Indian citizen can invest in Post Office Monthly Income Scheme. This scheme is offering 7.4 percent annual interest from July 1, 2023.
You can withdraw money before 5 years
The maturity of Pot Office MIS is five years, there can be premature closure in it. However, you can withdraw money only after completion of one year from the date of deposit. According to the rules, if money is withdrawn between one year and three years, then 2 percent of the deposit amount will be deducted and returned. If you withdraw money before maturity after 3 years of account opening, 1% of your deposit will be deducted and returned.
POMIS: some work rules
- In MIS, two or three people can open a joint account. The income received from this account is given equally to every member.
- Joint account can be converted into single account at any time. Single account can also be converted into joint account. To make any change in the account, a joint application has to be given by all the account members.
- You can also transfer MIS account from one post office to another.
- On completion of maturity i.e. five years, it can be extended for further 5 years. There is facility of nomination in MIS account.
