Post Office Scheme: If you are looking for an option to earn income with monthly guarantee without any risk, then you can invest in Post Office Monthly Income Scheme. In this scheme, by depositing money together, you get monthly guaranteed income. In this your money remains completely safe. Investing in MIS account has to be done only once. Its maturity is in 5 years. That means you get guaranteed monthly income after 5 years. This account can be opened in any branch of this post office scheme with a minimum of Rs 1,000.
Deposit Rs 3 lakh and get Rs 19,800 annually
According to MIS calculator, any person can open a single account by depositing Rs 3 lakh together. And after maturity, it will cost around Rs 20 thousand for the next 5 years. You will get Rs 1,650 every month. In this way you will get total interest of Rs 99 thousand in 5 years. Post Office MIS still gives annual interest at the rate of 6.6 percent.
According to the Post Office, you can open an account by investing at least Rs 1,000 in the Post Office Monthly Income Scheme. In this, both single and joint accounts can be opened. You can invest a minimum of Rs 4.5 lakh in a single account and up to Rs 9 lakh in a joint account. In this scheme you get interest every month. Any citizen of the country can invest in this scheme.
How much is charged for premature account?
According to the post office website, you can invest in Monthly Income Saving Scheme for 5 years. Premature delivery is available in this scheme. That means you can withdraw money after 1 year from the date of deposit. According to the rules, if money is withdrawn within 1 to 3 years, 2 percent of the deposited amount will be deducted and returned. If you withdraw money before maturity after 3 years of account opening, you will be refunded after deducting 1% of the deposited amount.
How to open POMIS account
To open POMIS account, you must have Aadhar Card or Passport or Voter Card or Driving License. You will have to provide 1 passport size photograph. Whereas for address proof, ID card or utility bill will be accepted by the government. You will have to go to the post office and submit all these documents along with the form. The name of the nominee will have to be given in this form. To open an account, only Rs 1,000 is required which you can pay through cash or cheque.
