Post Office Monthly Income Scheme: In Post Office Monthly Scheme (MIS), you get income every month. This scheme of the Government of India is being run by the Post Office. Under the Monthly Income Scheme scheme, you deposit money once and you get money every month for 5 years.
Post Office Monthly Income Scheme: In Post Office Monthly Scheme (MIS), you get income every month. This scheme of the Government of India is being run by the Post Office. Under the Monthly Income Scheme scheme, you deposit money once and you get money every month for 5 years. If you want a regular income sitting at home, then you can invest in this post office scheme. You will get the money invested in this after maturity of 5 years.
Post Office Monthly Income Scheme (MIS): You will get Rs 9250 every month
If you want to earn Rs 9250 every month in MIS scheme, then you will have to invest Rs 15 lakh through joint account. If you invest Rs 15 lakh in the scheme, then at 7.4 percent interest rate you will get a monthly income of Rs 9250 for five years. If you have an account or a single person investing then you will be able to invest Rs 9 lakh. This will give you a monthly income of Rs 5550. The principal will be returned after completion of 5 years.
You will get this much interest
MIS account can be opened with a minimum amount of Rs 1000 and in multiples of Rs 1000. The maximum investment in MIS scheme is Rs 9 lakh in single account and Rs 15 lakh in joint account. The government is paying interest on it at the rate of 7.4 percent every year. Every month you will get monthly income according to your investment. In this, if you withdraw money before five years, then 1 percent will be deducted from your principal amount.
Who can open Monthly Income Scheme account
Single adult
Joint Account (up to 3 adults) (Joint A or Joint B)
Minor above 10 years of age in his/her own name.
You can deposit this much money in monthly income scheme
(i) Minimum amount of Rs 1000 can be deposited in the account.
(ii) 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.
(iii) All joint account holders will have equal share in the joint account.
(iv) The deposits or shares in all the MIS accounts opened by a person shall not exceed Rs 9 lakh.
(iv) The limit of the account opened on behalf of the minor will be different from the guardian’s share.
Interest
Interest will be payable on completion and maturity of one month from the date of account opening.
If the account holder does not claim interest every month then no additional interest will be earned on its interest.
The interest received by the depositor will be taxable.
