Any citizen of the country can open an account in the Post Office Monthly Income Scheme. The account can also be opened in the name of a child. If the child is below 10 years of age, then his parents or legal guardians can open an account in his name.
Post Office MIS: Many savings schemes of the post office are quite popular among small investors. One of those schemes is the Monthly Savings Scheme (Post Office Monthly Income Scheme). Through this scheme, any person can earn every month. This scheme is very beneficial for those who want regular income. Through this scheme, you can get an income of Rs 9,250 monthly and Rs 1,11,000 annually. Let us know what this scheme is and how you can invest in it.
What is MIS Scheme?
Post Office MIS is a deposit scheme in which you earn every month through interest. How much you will earn depends on your deposit amount. The interest received on the account is given in the Post Office Savings Account. After 5 years you can withdraw your deposit amount. If you want to take advantage of this scheme further, then you can invest in it.
Single and Joint Account
In this scheme, you can open single and joint account. Two or three people can open a joint account together. The deposit limit is less in a single account and more in a joint account. In such a situation, if you open a joint account with your wife, you can deposit more and earn more.
Single and joint account
You can invest up to Rs 9 lakh in a single account and Rs 15 lakh in a joint account. You have to deposit only once and you will get interest on it for 5 years. Currently, this scheme is getting interest at the rate of 7.4 percent.
How to earn Rs 1,11,000
If you deposit Rs 15 lakh in this scheme along with your wife, then you will get Rs 1,11,000 annually at the rate of 7.4 percent interest and Rs 9,250 every month. 1,11,000 x 5 = 5,55,000 In this way, you will earn Rs 5,55,000 from interest only in 5 years.
How much earning on single account
If you open this account single, then you can deposit a maximum of Rs 9 lakh. In such a situation, at the interest rate of 7.4 percent, you can get Rs 66,600 as interest in a year and earn Rs 5,550 every month. In this way, you can earn Rs 3,33,000 in 5 years only through interest.
Know who can open an account?
Any citizen of the country can open an account in the Post Office Monthly Income Scheme. The account can also be opened in the name of the child. If the child is below 10 years of age, then his parents or legal guardians can open an account in his name. When the child turns 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.
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