In Post Office MIS, the amount is deposited for 5 years at a time, that is, you can earn your income by taking interest for 5 consecutive years. After maturity the deposited amount is returned to you. But if you want to withdraw money before five years, you may incur a big loss.
Many types of schemes are run in the Post Office. One of these is Monthly Income Scheme. This is a deposit scheme in which you can earn every month by investing once. In POMIS, 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. Whatever amount you deposit, you are given interest every month. At present, the interest rate in this scheme is 7.4 percent.
In Post Office MIS, the amount is deposited for 5 years at a time, that is, you can earn your income by taking interest for 5 consecutive years. After maturity the deposited amount is returned to you. But if you need money before five years and want to withdraw the money, or want to continue this monthly earning scheme for more than 5 years, then what are the rules for this? Let us tell-
Your only loss if you withdraw your money before five years
If after investing in this scheme, you want to withdraw the amount before the completion of the maturity period, then you do not get this facility for 1 year. After 1 year, you get the facility to withdraw money from the account, but in this you incur loss because some money is deducted from your deposited amount as penalty.
If you withdraw money between one year and three years, then 2% of the deposit amount is deducted and returned. Whereas if you want to withdraw money after three years of opening the account and before 5 years, then the deposit amount is returned to you after deducting 1% from the deposited amount.
What are the rules of extension
Generally, you get the facility to extend your account in all the schemes like FD, PPF etc., but you do not get this facility in Post Office Monthly Saving Scheme. If you want to avail the benefits of the scheme further, then you can open a new account after maturity.
How much income can you make every month
If you deposit Rs 9 lakh in a single account in the Post Office Monthly Savings Scheme, then at the rate of 7.4 percent interest, you can get a monthly income of Rs 5,500 every month. Whereas if you deposit Rs 15 lakh in a joint account, you can earn an income of Rs 9,250 every month.
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