Guaranteed returns are available with government protection. As far as monthly income is concerned, the post office is offering a special scheme for investors.
Post Office MIS 2024: If your hard-earned money is invested in the right place, you can be free from worrying about returns. Especially when monthly returns on lump sum deposits are guaranteed by the government. Post Office Scheme for investment option is one of these. Where guaranteed returns are available along with government protection. As far as monthly income is concerned, the post office is offering a special scheme for investors, in which there will be assured income from monthly returns on lump sum deposits.
Post Office MIS 2024 Calculation
Investment: Rs 9 lakh
Annual interest rate: 7.4%
Duration: 5 years
Earning from interest: Rs 3,33,000
Monthly Income: Rs 5,550
Post Office MIS 2024
In this scheme of Post Office, investors can deposit a lump sum of Rs 9 lakh in a single account and Rs 15 lakh in a joint account. If you wish, your total principal amount will be returned after the maturity period of 5 years. At the same time, it can be extended for further 5-5 years.
After every 5 years, there will be an option to withdraw the principal amount or extend the scheme. The interest received on the account is paid every month into the post office savings account. TDS is not deducted on investment in Post Office Monthly Income Scheme. However, the interest that comes into your hands is taxable.
Post Office MIS 2024: Rules for pre-mature closure
If there is a need to withdraw money before maturity in the Post Office Monthly Savings Scheme, then you get this facility after one year, but if you want to withdraw the amount before that, then it is not possible. However, in case of pre-mature closure also you have to pay penalty. If you withdraw money between 1 to 3 years, then 2% of the deposit amount is deducted and returned.
