Post Office Monthly Income Scheme: This is a government guaranteed deposit scheme. It also offers the facility of single and joint account. Up to Rs 9,250 can be earned from this scheme.
Post Office MIS: Post Office Monthly Income Scheme is a scheme through which you can earn income every month. This government-guaranteed deposit scheme offers single and joint account facilities. A maximum of Rs 9 lakh can be deposited in a single account and a maximum of Rs 15 lakh in a joint account.
This money is deposited for a maximum period of 5 years. You earn from the interest received on this amount and your deposited amount remains completely safe. Up to Rs 9,250 can be earned from this scheme through a joint account. This scheme is considered very good for retired people. If husband and wife invest in it together, then they can arrange monthly income for themselves.
How much income in a joint account
Currently, POMIS is giving 7.4% interest. If you deposit 15 lakh rupees in a joint account, then you will get a guaranteed income of 1,11,000 rupees in a year at the rate of 7.4 percent interest and in 5 years you will earn 1,11,000 x 5 = 5,55,000 rupees from interest. If the annual interest income of 1,11,000 is divided into 12 parts, then it will be 9,250. That means you will earn 9,250 rupees every month.
How much income can be earned in a single account
If you open a single account in Post Office Monthly Income Scheme and deposit Rs 9 lakh in it, then you can get Rs 66,600 as interest in a year and in five years you can earn Rs 66,600 x 5 = Rs 3,33,000 from interest alone. In this way, you can earn Rs 66,600 x 12 = Rs 5,550 per month only from interest.
Who can open an account
Any citizen of the country can open an account in Post Office Monthly Income Scheme. Account can also be opened in the name of a child. If the child is less than 10 years old, then his parents or legal guardians can open an account in his name. When the child is 10 years old, he can also get the right to operate the account himself. For MIS account, you must have a savings account in the post office. It is mandatory to provide Aadhaar card, PAN card for ID proof.
If you want to withdraw money before 5 years, what is the rule
If you need to withdraw money before 5 years in Post Office MIS, then you get this facility after one year, before that the invested amount cannot be withdrawn. But for this you have to pay a penalty. If you withdraw money between one year to three years, then 2% of the deposit amount will be deducted and returned. On the other hand, if the account is older than three years but you want to withdraw money before 5 years, then 1% of the deposit amount is deducted and the deposit amount is returned. On the other hand, after completion of 5 years, you get the entire amount back.
If you want to take advantage even after 5 years…
If you want to continue this scheme even after 5 years, then you will not get the facility of extension in it. After 5 years, you can withdraw your deposited amount. After withdrawal, you can take advantage of this scheme further by opening a new account.
