Post Office MIS: There are many small savings in the post office, in which you can secure your future by investing money. There are many investment options in the post office from short to long term. One of these schemes is Monthly Income Scheme (MIS). Here your return on investment is guaranteed. Monthly Income Scheme is better for those who want to earn some money every month continuously. In MIS scheme, you can open both single account and joint account. A maximum of Rs 4.5 lakh can be invested through a single account and a maximum of Rs 9 lakh through a joint account. After which a fixed amount will keep coming to your account every month according to the interest rate available on this scheme. This scheme is better for those who are doing retirement planning. Know the complete details by this…..
How is the monthly amount determined?
Deposit Rs 9 lakh in the scheme through a joint account. It has an interest rate of 6.6 per cent per annum. The total annual interest will be Rs 59400. This amount will be distributed over the 12 months of the year. In this sense, the interest per month will be around Rs 4950.
Required documents
Photocopy of ID proof, residential proof. 2 passport size photographs, bank account no. If opening an account in the post office, then cash or check for the fixed amount.
how many days will get benefit
The lock-in period in Monthly Income Scheme is 5 years. But it can be extended further for another 5 to 5 years. That is, you can take advantage of this scheme as long as you want. If you withdraw money before maturity, then you have to pay a penalty.
Who should invest
Post Office Monthly Income is a better plan for investors who want fixed income every month. After retirement, if a lump sum amount is received, then keeping that amount safe, a fixed amount can be earned every month through it.
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