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Post Office MIS 2024: The new year has started. Besides, a new plan should also be made regarding savings. The most important thing for saving is that the investment amount should be safe and get guaranteed returns on it. For this, the 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 guaranteed return figure is higher than the FD of most banks. One such savings scheme is Monthly Income Scheme, in which income is earned every month by depositing a lump sum.
Post Office MIS 2024 Calculation
Investment: Rs 9 lakh
Annual interest rate: 7.4%
Duration: 5 years
Interest earning: 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 entire principal amount will be returned after the maturity period of 5 years. At the same time, it can be extended for further 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 investments in Post Office Monthly Income Scheme. However, the interest coming into your hands is taxable.
Post Office MIS: Rules for premature closure
In the post office monthly savings scheme, if you want 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 premature closure you will also have to pay a penalty. If you withdraw money between 1 to 3 years, 2% of the deposited amount is deducted and returned.