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The returns in this monthly income scheme of the post office are also excellent. The government gives 7.4 percent interest in this scheme. The most important thing about this scheme is that by investing in it, the tension of your income every month ends. The maturity period of this government scheme is 5 years and money cannot be withdrawn from it for one year after opening the account. In this you can open an account for just Rs 1000.
You can invest up to Rs 9 lakh
The investment limit for account holders investing under the Post Office Monthly Savings Scheme (POMIS) is Rs 9 lakh. Talking about joint account, its maximum limit has been fixed at Rs 15 lakh. Let us tell you that last year this limit was increased to 1 April 2023. This is a single investment scheme and once you invest, you can arrange guaranteed income for yourself every month under this scheme.
Closing the scheme is a loss-making deal
In this scheme, after opening the account, you cannot close it for one year. If you close the Post Office Monthly Income Scheme account before three years, a 2 per cent charge is applicable, while if you close the account after 3 years and before 5 years, a 1 per cent charge is applicable.
Calculating monthly income
In this scheme of Post Office, there is guaranteed income every month on unit investment and if you calculate the income every month, then if you invest Rs 5 lakh in it for five years, then you will get Rs 3,084 with interest at the rate of 7.4 percent. You will get income of Rs per month. When we look at the maximum limit of individual account holder i.e. Rs 9 lakh then the monthly income will be Rs 5,550. Apart from monthly, you can also take this interest income quarterly, half yearly or annually.
It is easy to open an account in this scheme
Opening an account under Monthly Income Scheme (MIS) is very easy. For this, you can go to your nearest post office and submit the application form along with the necessary documents. Applicants can obtain the account opening form from the post office and submit it along with KYC form and PAN card. In case of joint account holders also KYC documents will have to be submitted. Meanwhile, keep in mind that while filling the account opening form, enter all the information correctly.