Monthly Income Account: Currently, 7.4 percent annual interest is available in Post Office Monthly Income Scheme (POMIS). Which are better than other fixed deposits and options. The maturity period of this post office scheme is 5 years.
Most of the people in India want that even if they get less interest on their deposits, the money should remain absolutely safe. This scheme of Post Office is very wonderful for such people. In this scheme, along with keeping the money safe, the interest rate is also higher as compared to banks.
In fact, investors have a relationship of trust with the post office in India. If you want to invest for 5 years then Post Office Monthly Income Scheme (POMIS) is a great option for you. After investing in this scheme, you will get a fixed income every month, and your money will also be completely safe. This scheme is also known as National Savings Monthly Income Account (MIS).
You can deposit up to Rs 15 lakh in joint account
You can invest a minimum of Rs 1,000 and a maximum of Rs 9 lakh in the Post Office Monthly Savings Scheme (MIS) through a single account. The maximum limit of money in a joint account is up to Rs 15 lakh. That means both husband and wife together can invest up to Rs 15 lakh in a joint account. This scheme is very beneficial for retired employees and senior citizens. A maximum of three people can invest in a joint account.
Not only this, you can deposit in this scheme in the name of a minor, but up to Rs 3 lakh can be invested in such an account. For deposit in this scheme, a separate POMIS form has to be filled in the post office. Before investing in this scheme, the customer has to open a savings account in the post office.
At present, 7.4 percent annual interest is available in Post Office Monthly Income Scheme (POMIS). Which are better than other fixed deposits and options. While filling the POMIS form, you will need identity card, residential proof, 2 passport size photographs. A nominee is required.
Scheme period
The maturity period of this post office scheme is 5 years. If you withdraw money before time, you may have to suffer loss. There is no provision for withdrawal within one year. If you withdraw money before 3 years, 2% penalty has to be paid. If withdrawal is made within 3 to 5 years, 1 percent amount is deducted.
Benefits of this account
You can get this account shifted from one post office to another. After completion of 5 years of maturity, you can reinvest the amount. A nominee can be appointed in this, so that the nominee can get the amount in case of any untoward incident. TDS is not deducted in MIS scheme, but tax has to be paid on interest.
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