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Post Office Monthly Income Scheme (MIS): People like anything that has guarantees, and risk aversion comes naturally to most people. Perhaps this is why fixed income guaranteed return schemes, even if their returns are lower than many market-linked investment options, always attract a lot of investors. Post Office Monthly Income Scheme (MIS) is also an investment option that helps people get monthly income after a one-time initial investment. It gives investors a steady and regular income and helps in meeting their monthly expenses to a great extent. It offers an interest rate of 7.4 percent payable monthly per annum.
The scheme can have a single and a joint account.
If someone invests a certain amount in Post Office MIS, they can get a monthly income of Rs 5550.
But before we proceed to the calculations, we will help you get the basic information about Post Office MIS.
Who can open an account?
A single adult can open a single account. A maximum of three adults can open a joint account.
A guardian can also open an account on behalf of a minor/person of unsound mind.
A minor who is above 10 years of age can also open an individual account in his own name.
Post Office Monthly Income Scheme (MIS): Minimum and Maximum Investment
Any person can earn minimum Rs. Can open MIS account with. 1000 and in multiples of Rs. 1000.
As far as maximum investment is concerned, one can deposit Rs. Rs 9 lakh in a single account. Rs 15 lakh in joint account.
Rate of interest
The post office scheme offers an interest rate of 7.4 per cent payable monthly per annum. However, if one does not claim the interest at the end of a month, no additional interest will be earned on such interest. The interest earned by the depositor is taxable.
maturity period
The maturity period of the scheme is five years.
MIS account holder gets monthly income for five years.
After completion of the scheme, the post office returns your invested amount.
However, if the account holder dies before the maturity period of five years, the account can be closed and the deposits will be returned to the nominee/legal heirs.
However, the interest will be credited up to the last month paid, in which case a refund will be made.
Required Documents
If someone wants to open a post office MIS account, he/she must have his/her Aadhar Card or Passport, Voter Card or Driving License as ID proof.
They will have to provide two passport size photographs.
Government issued ID card or utility bill will be valid for address proof.
With these documents any person can go to the post office and fill the post office MIS form.
The form can also be downloaded online.
To open this account, initially Rs 1000 will have to be deposited through cash or cheque.
The name of the nominee will also have to be filled in the form.
How to get Rs 5550/monthly income
Now the question arises that how to take maximum benefit of the scheme.
For this you will have to exceed the maximum limit of your investment.
If you have a single account and you invest a lump sum of Rs 9 lakh, then at 7.4 percent interest rate you will get a monthly income of Rs 5550.
However, if you have a joint account and you invest a lump sum of Rs 15 lakh, your monthly income will become Rs 9250.