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Post Office MIS 2024: The new year has begun. Along with this, a new plan should also be made for savings. For savings, it is most important that the investment amount is safe and there is a guaranteed return on it. For this, the government-backed post office scheme becomes the first choice. Because here you get safe and guaranteed returns on savings. Along with the trust of the government. The figure of guaranteed return is more than the FD of banks. One such saving scheme is the Monthly Income Scheme, in which there is income 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 post office scheme, you can deposit up to 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 a 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 take your principal amount or extend the scheme. The interest received on the account is paid every month in the post office savings account. TDS is not deducted on investment in Post Office Monthly Income Scheme. However, the interest you get is taxable.
Post Office MIS: Premature Closure Rules
In the Post Office Monthly Saving Scheme, if there is a need to withdraw money before maturity, 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, you have to pay a penalty. If you withdraw money between 1 to 3 years, then 2 percent of the deposited amount is deducted and returned.
