Post Office Scheme: A lump sum investment has to be made in this scheme. Money is 100% safe in this scheme. Married people get double the profit in this scheme. In this, the facility of opening single and joint accounts is available.
If you want guaranteed income every month, Post Office Monthly Income Scheme Account (POMIS) can prove to be a better plan. A lump sum investment has to be made in this scheme. Money is 100% safe in this scheme. Married people get double the profit in this scheme. In this, the facility of opening single and joint accounts is available. Its maturity is of 5 years.
Single investors get guaranteed annual income of at least Rs 2475 or Rs 29,700 per month, while in a joint account this profit is doubled. If you open a single account in POMIS account, then a lump sum amount of Rs 4.5 lakh has to be deposited. At the same time, a maximum of Rs 9 lakh can be deposited through a joint account. In this, the amount which is made in the whole year at 6.6 percent annual interest, is divided over 12 months. Every month’s amount is your monthly income. The maturity of the scheme is 5 years, but it can be extended for another 5 years under further reinvestment.
How much interest
>> Post Office Monthly Income Scheme (POMIS) offers 6.6% annual interest.
>> Interest will be payable on completion of one month from the date of opening and till maturity.
>> If the interest payable every month is not claimed by the account holder, then no additional interest will accrue from such interest.
>> In case of any additional deposit made by the depositor, the excess deposit will be refunded and only PO Savings Account interest will be applicable from the date of account opening till the date of withdrawal.
>> Interest can be withdrawn through auto credit or ECS in the savings account in the same post office.
>> Interest received by the depositor is taxable.
How to open MIS account
You can open your MIS account by visiting your nearest post office. While filling the POMIS form, you will need identity proof, residential proof, 2 passport size photographs. While filling the form, you will also need a witness i.e. Witness. Deposit cash or check for the amount specified to open the account with the form.
Will get about 60 thousand rupees every year
One can deposit at least Rs 4.5 lakh in the Post Office Monthly Income Scheme through a single account. According to the interest rate of 6.6 percent per annum, the total interest on this amount will be Rs 29,700. According to the interest rate, the total interest on this amount will be Rs 29,700. At the same time, a maximum deposit of Rs 9 lakh can be made through a joint account in this scheme. According to the interest rate, the total interest on this amount will be Rs 59,400.
Pre-mature account closure rules
No deposit can be withdrawn before the expiry of 1 year from the date of deposit. If the account is closed before 1 year and before 3 years of account opening, an equivalent of 2% of the principal amount will be deducted and the balance amount will be paid.
If the account is closed after 3 years and before 5 years from the date of opening of the account, a deduction equal to 1% of the principal amount will be made and the balance amount will be paid. Premature closure of the account can be done by submitting the prescribed application form along with the pass book at the concerned post office.
