Post Office Scheme: While investing money, an investor has only two things in mind – security and good returns. Post Office has many saving plans which assure both of these. Today we will tell you about a superhit scheme that will give you great returns. Under the Post Office MIS Scheme Benefits, you have to deposit money once and then you get interest money like pension every month. In addition, one time money is also returned on the maturity of the scheme. Let us know about this particular scheme:
Post Office MIS is currently getting an interest of 6.6% per annum payable monthly. The maximum investment limit is Rs 4.5 lakh in a single account and Rs 9 lakh in a joint account. The scheme has a tenure of five years.
Post Office MIS Account Eligibility:
- A single adult
- Joint Account up to three adults can be opened
- A guardian on behalf of minor/ person of unsound mind
- A minor above 10 years in his own name.
Post Office MIS Deposit:
- Account can be opened with a minimum of Rs 1000 and in multiples of Rs 100.
- A maximum of Rs. 4.50 lakh can be deposited in a single account and 9 lakh in a Joint account.
- In a joint account, all the joint holders shall have an equal share in the investment.
- Deposits/shares in all MIS accounts opened by an individual shall not exceed Rs. 4.50 lakh.
- Limit for account opened on behalf of a minor as guardian shall be separate.
MIS Calculator:
According to the MIS calculator, if someone deposits Rs 50,000 in this account once, he will get Rs 275 per month, or Rs 3,300 per year, for five years. That is, in five years, he will get a total of Rs 16,500 as interest. Similarly, if someone deposits Rs 1 lakh, he will get Rs 550 per month, Rs 6600 per year and Rs 33,000 in five years. Rs 4.5 lakh will fetch Rs 2475 per month, Rs 29700 per annum and Rs 148500 on the route of interest in five years.
Post Office MIS Interest:
- Interest shall be payable on completion of a month from the date of opening and so on till maturity.
- If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest.
- In case any excess deposit is made by the depositor, the excess deposit will be refunded back and only PO Savings Account interest will be applicable from the date of opening of an account to the date of refund.
- Interest can be drawn through auto credit into a savings account standing at the same post office, or ECS. In the case of an MIS account at CBS Post offices, monthly interest can be credited into a savings account standing at any CBS Post Offices.
- Interest is taxable in the hand of the depositor.
Post Office MIS Pre-mature closure of account:
- No deposit shall be withdrawn before the expiry of 1 year from the date of deposit.
- If the account is closed after 1 year and before 3 years from the date of account opening, a deduction equal to 2% from the principal will be deducted and the remaining amount will be paid.
- If the account is closed after 3 years and before 5 years from the date of account opening, a deduction equal to 1% from the principal will be deducted and the remaining amount will be paid.
- Account can be prematurely closed by submitting the prescribed application form with a passbook at the concerned Post Office.
