Post Office MIS Scheme is a popular scheme which gives you an opportunity to earn a fixed amount every month. The special thing is that a single or joint account can be opened in this post office scheme.
Everyone saves some amount from their earnings and wants to invest it in a place where their money is safe and they get good returns. But after retirement, the biggest problem is the problem of regular income and if there is no proper pension in the job, then one may have to face financial problems. In such a situation, it is important to plan for post-retirement in advance. For this, Post Office Monthly Income Scheme (MIS) can be very useful for you, which gives you an opportunity to earn a fixed amount every month. Let us know about its benefits in detail…
You can open an MIS account with just Rs. 1000.
Saving schemes are being run in the Post Office for every age group and every class, in which not only you get a good return, but the government itself guarantees the safety of the investment . That is, it becomes a completely tension-free investment option. Talking about the Post Office Monthly Income Scheme, which gives a fixed income every month, you can open your account in it with just Rs. 1000.
Rules related to opening an account
- Any person above the age of 18 years
- Joint account (maximum three adults)
- As guardian of a minor and a person of unsound mind
- Open the account with a minimum investment of Rs 1000
This scheme of Post Office is quite popular for its benefits and the interest received in it is also great. Yes, the government is offering interest at the rate of 7.4
percent on investments made in POMIS. This interest is being given from 1 April 2023. The maturity period of this government scheme is 5 years and money cannot be withdrawn from it for one year after opening the account. The most special thing about this scheme is that by investing in it, the tension of your monthly income ends. In this, investors can open single and joint accounts.
Terms of deposit and interest payment
- You can deposit a maximum of Rs 9 lakh in a single account.
- A maximum of Rs 15 lakh can be deposited in a joint account.
- In a joint account, all the holders should have equal share in the investment.
- Interest payment starts one month after account opening till maturity.
- There is no additional interest if the monthly interest is not withdrawn.
Investment once, then guaranteed income every month
Post Office Monthly Savings Scheme (POMIS) is actually a single investment scheme and once invested, you can arrange for guaranteed income for yourself every month under this scheme. After 5 years of opening the account, the account can be closed by submitting an application along with the passbook in the concerned post office. In case of death of the account holder before maturity, the account can be closed and the deposited amount can be returned to the nominee or heir of the account holder. Interest will be paid till the refund is returned.
Calculation of earning Rs 5500 per month
Now let’s talk about how by making a lump sum investment in this scheme of Post Office, investors can earn Rs 5500 every month from interest alone. Its calculation is very easy, if single account holders invest the maximum amount fixed in their account i.e. deposit Rs 9 lakh, then according to the interest rate of 7.4% available in this scheme, they will get interest of Rs 5500 every month. At the same time, through the maximum investment of Rs 15 lakh made in a joint account, the monthly income would be Rs 9,250.
The account can be opened easily.
The interest received in this post office scheme can be taken on quarterly, half-yearly or yearly basis as per your convenience. Talking about the process of opening an account in this government scheme, you can go to your nearest post office and apply with the necessary documents. You can take the form for account opening from the post office and submit it along with the KYC form and PAN card.
Loss on closing the account before maturity
In this scheme, if the account holder closes the account within one to three years of opening the account, then it may prove to be a loss-making deal. In fact, as per the rules, in such a situation, after deducting an amount equal to 2% of the principal amount, the remaining amount will be returned to you and if it is closed between three to five years from the date of opening the account, then after deducting an amount equal to 1%, the remaining amount will be returned to him.
