Post Office MIS 2024: After every 5 years, there will be an option to take your principal amount or continue the scheme. The interest received on the account is paid every month in the post office savings account.
Post Office MIS 2024: The new year has begun. Along with this, a new plan should also be prepared for savings. For saving, it is most important that the investment amount is safe and it gets guaranteed returns. For this, the government-backed Post Office Scheme becomes the first choice. Because here you get safe and guaranteed returns on savings. Along with the trust of the government. The figure of guaranteed return is more than the FD of banks. One such saving scheme is Monthly Income Scheme, in which income is generated every month on lump sum deposit.
Post Office MIS 2024 Calculation
Investment: Rs 9 lakh
Annual interest rate: 7.4%
Tenure: 5 years
Interest income: Rs 3,33,000
Monthly income: Rs 5,550
Post Office MIS: Important points
In this scheme of Post Office, you can deposit up to Rs 9 lakh in a single account and Rs 15 lakh in a joint account. If you want, your total principal amount will be returned after a maturity period of 5 years. At the same time, it can be extended for another 5 years. After every 5 years, there will be an option to take your principal amount or extend the scheme. The interest received on the account is paid every month in the savings account of the post office. TDS is not deducted on investment in Post Office Monthly Income Scheme. However, the interest that comes into your hands is taxable.
Post Office MIS: Rules for pre-mature closure
If you need to withdraw money before maturity in Post Office Monthly Saving Scheme, then you get this facility after one year, but if you want to withdraw the amount before that, then it is not possible. However, in case of pre-mature closure also you have to pay penalty. If you withdraw money between 1 to 3 years, then 2% of the deposit amount is deducted and returned.
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