Under the Post Office Monthly Income Scheme, a single person or three people together can open an account. A minor above 10 years of age can also open an account in his own name. Let us know about it in detail.
Post Office Scheme: By investing money in government schemes, you can get guarantee of security and returns. There are many such schemes in government banks and post offices in which you can keep your money safe by investing money. The special thing is that investment in these places also gives guaranteed returns. There are many such savings schemes in the post office. The most popular among these is Monthly Income Scheme (MIS).
Post Office Monthly Income Scheme is very much liked by those people who want to earn every month by investing money once. You can deposit a maximum of Rs 9 lakh in the account opened under this scheme. If you open a joint account like husband and wife together, then you can deposit up to Rs 15 lakh.
In Post Office MIC Scheme, interest is given to the investor every month. Investors can use this interest as additional income every month. The special thing is that 7.4 percent interest is given in this scheme of post office.
Deposit money for 5 years
The duration of Post Office Monthly Income Scheme is 5 years. You can deposit money for 5 years at one time. In this way, interest will continue to be deposited in your account every month continuously for 5 years. If you want, you can withdraw this interest. On maturity i.e. after a period of five years, your deposited money is returned to you.
Special features of Post Office Monthly Income Scheme-
- This is a government scheme, so the investor’s money remains completely safe.
- The duration of this scheme is 5 years, but you can withdraw money even before maturity.
- After five years, you can invest this money again for five years.
- You can invest in this post office scheme in multiples of 1000.
- A person can deposit a maximum of Rs 9 lakh.
- Up to Rs 15 lakh can be deposited in a joint account.
- In Post Office Monthly Income Scheme, interest is available at the rate of 7.4 percent.
You can withdraw money ahead of time
Although in the Post Office Monthly Income Scheme, the money is locked for 5 years, but if needed, you can withdraw the money even before 5 years. You can withdraw money from this scheme after one year of opening the account. For this you will have to pay some money as compensation.
Loss on premature account closure
- You cannot withdraw money before the expiry of 1 year from the date of account opening.
- If the account is closed after 1 year and before 3 years from the date of account opening, then two percent will be deducted from the principal amount.
- If the account is closed after 3 years and before 5 years from the date of account opening, 1 percent will be deducted from the principal amount.
- If the account holder dies before maturity, the account may be closed and the amount will be returned to the nominee.
How to invest
Under Post Office Monthly Income Scheme, you can open an account by going to your nearest post office. To open an account, identity card, proof of home address and two photographs are required. Money can be deposited in cash or through cheque.
