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Post Office MIS 2024: The new year has started. Along with this, a new plan should also be made for savings. The most important thing for saving is that the investment amount is safe and there is guaranteed return on it. For this, government supported post office scheme becomes the first choice. Because here you get safe and guaranteed returns on savings. And also the trust of the government. The figure of guaranteed return is higher than that of FDs of banks. One such saving scheme is Monthly Income Scheme, in which income is given every month on lump sum deposit.
Post Office MIS 2024 Calculation
Investment: Rs 9 lakh
Annual interest rate: 7.4%
Duration: 5 years
Interest Income: Rs 3,33,000
Monthly Income: Rs 5,550
Post Office MIS: Important Points
In this scheme of post office, you can deposit up to Rs 9 lakh in single account and Rs 15 lakh in 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 also be extended for another 5 years. After every 5 years, you will get the option to withdraw your original amount or extend the scheme. The interest received on the account is deposited in the post office savings account every month. TDS is not deducted on investment in Post Office Monthly Income Scheme. However, the interest received in your hands is taxable.
Post Office MIS: Rules for premature closure of account
If you need to withdraw money before maturity in Post Office Monthly Saving 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 deposited amount is deducted and returned.