Post Office Scheme : Post Office runs many savings schemes for all age groups and classes, which are also very popular among people. Along with the safety of your invested money, you also get better returns. One such scheme is the Post Office Monthly Income Scheme, which guarantees an income to the investor every month.
This post office monthly income plan also offers high returns. From July 1, 2023, the interest on its investment has been increased to 7.4 percent. The most special thing about this scheme is that investing in it eliminates your income stress every month. The maturity period of this government scheme is 5 years and no withdrawals can be made for one year after opening the account. In this you can open an account from just Rs.1000.
The government has also increased the investment limit for account holders investing under the Post Office Monthly Savings Scheme (POMIS). Earlier, the investment limit for an individual account holder was Rs 4.5 lakh, which has been increased to Rs 9 lakh. On the other hand, if we talk about the joint account, the maximum limit for this has been increased to Rs 15 lakh from earlier Rs 9 lakh. This hike in investment limit is effective from April 1, 2023. Once invested, you can arrange fixed income every month under this scheme.
Investors also get more benefits by increasing the investment limit in this scheme. You cannot close the account under this scheme for one year after opening it. A 2 percent charge is applicable if you close the Post Office Monthly Income Scheme account before three years, while a 1 percent charge applies if you close the account after 3 years and before 5 years.
In this post office scheme, a guaranteed monthly income is guaranteed from a lump sum investment and if you calculate monthly income, if you invest Rs 5 lakh in it for five years, you will get 7.4 percent rate. The interest earned from it will be an income of Rs 3,084 per month. If we look at the individual account holder’s maximum limit of Rs 9 lakh, the monthly income will be Rs 5,550. Apart from monthly, you can also avail this interest income on quarterly, half yearly or yearly basis.
Where can you open an account?
Opening an account under Monthly Income Scheme (MIS) is very easy. For this you can visit your nearest post office and submit the application along with required documents at the post office. The applicant can collect the account opening form from the post office and submit it along with the KYC form and PAN card. KYC documents also have to be submitted in case of joint account holders. Meanwhile, it should be remembered that while filling the account opening form, submit all the information correctly.
