Post Office MIS scheme: A minimum of 1000 rupees and maximum of 4.5 lakh rupees can be deposited in this scheme.
Today, you are going to tell about a scheme of post office in which investors get income every month on lump sum deposit. With this income, you can run your life easily, while your lump sum money is also safe. In this, investors also get excellent returns of 6.6 percent and its maturity period is for 5 years.
The name of this post office scheme is Post Office MIS (Monthly Income Account). At least 1000 rupees can be deposited in it. The amount of more than this will be in multiple of 100. Individuals can deposit a maximum of Rs 4.5 lakhs. Up to 9 lakhs can be deposited in a joint account. It is important that the contribution of both in the joint account is equal. At present, the interest rate is 6.6 percent.
4950 rupees every month interest income
For example, A and B together collect a maximum limit of Rs 4.5-4.5 lakhs in this scheme. In this way, the total amount of the deposit was 9 lakh rupees. The annual interest (900000 * 1 * 6.6 / 100 = 59400) at the rate of 6.6 percent would be Rs 59400. In this way the monthly interest income will be Rs 4950. Out of this, 2475-2475 A and B will be equal.
Eligibility and tax rules
Talking about eligibility, a post office MIS account can be opened at a minor above 10 years. If the child’s age is less than that, then the Guardian can open an account in his name. The payment of interest starts 30 days after the day the account is opened. In this scheme, interest is paid on a monthly basis. If the account holder does not avail the monthly interest, then he will not get the benefit of additional interest. Interest can be paid in auto mode in the savings account of the same post office. Interest income is fully taxable for the account holder.
What will happen on pre-closure and death of account holder?
The lock-in period for post office MIS is 1 year while maturity is 5 years. Lump sum deposits before that cannot be withdrawn. If the account is closed between 1-3 years, then 2% of the principal amount will be deducted as fine. Withdrawal between 3-5 years, it takes 1 percent fine. If the account holder dies, the nominee will be paid the full amount including the interest.
