Post Office MIS 2024: It will be fun if hard earned money doubles during the day and quadruples at night. For this it is important that the investment of money is done correctly. The return on investment also depends on the risk appetite. So in such a situation, the first choice of investors is government saving scheme, where along with security, guaranteed returns are also available. Post Office Saving Schemes is one of these. Today we will learn about the monthly income scheme of the post office, in which we earn income every month from interest. The figure of guaranteed return on the amount invested in Saving Scheme is more than the fixed deposits i.e. FDs of most banks. POMIS is also included in this, so let’s understand from the calculations…
There will be fixed income every month
In the Post Office Monthly Income Scheme, the investor gets guaranteed returns every month. Let us understand from the example that the investor deposited a lump sum of Rs 9 lakh. The current interest rate on the scheme is 7.4 percent per annum. As we know, the maturity of investment in this scheme is 5 years. So in this context, the figure of earning from interest every month will be Rs 5550. That means the total income from interest on maturity will be Rs 3.33 lakh.
Post Office MIS 2024 Calculation
Lump sum investment: Rs 9 lakh
Annual interest rate on investment: 7.4%
Investment period: 5 years
Earning from interest: Rs 3,33,000
Earning from interest every month: Rs 5,550
Important things related to Post Office MIS
Under Post Office Monthly Income Scheme, a maximum of Rs 9 lakh can be deposited in a single account and a maximum of Rs 15 lakh can be deposited in a joint account. If the investor wishes, the total principal amount will be returned after the maturity period of 5 years. If the investment amount can be increased for another 5-5 years. Under this, investors will have the option to withdraw the principal amount after every 5 years.
The interest earned on the scheme amount is paid every month through the post office savings account. The special thing is that TDS is not deducted on investments in the Post Office Monthly Income Scheme. But keep in mind that the income that comes to you through interest is taxed.
Post Office MIS: What is the rule of pre-mature closure?
If the investor wants to withdraw the amount of Post Office Monthly Savings Scheme before maturity, then this facility is available only after one year. That means the invested amount cannot be withdrawn within a year of investment. Apart from this, in this scheme of Post Office, if the investors want pre-mature closure before 5 years, then they have to pay penalty. Under this, if the investor wants to withdraw the amount between 1 to 3 years, then a penalty of 2% is imposed on the total deposit amount. If pre-mature closure is done within 3-5 years, a penalty of 1% is imposed on the total deposit.
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