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Post Office MIS: Post Office Monthly Income Scheme is a scheme through which you can earn income every month. Single and joint account facilities are available in this government guaranteed deposit scheme. A maximum of Rs 9 lakh can be deposited in a single account and a maximum of Rs 15 lakh can be deposited in a joint account.
This money is deposited for a maximum of 5 years. You earn from the interest received on this amount and your deposit remains completely safe. Up to Rs 9,250 can be earned from this scheme through a joint account. This scheme is considered very good for retired people. If husband and wife invest together then they can arrange monthly income for themselves.
how much income in joint account
At present, interest is available at the rate of 7.4 percent in POMIS. If you deposit Rs 15 lakh in a joint account, you will get a guaranteed income of Rs 1,11,000 in a year at 7.4 percent interest and in 5 years you will earn Rs 1,11,000 x 5 = Rs 5,55,000 from interest. , If the annual interest income of Rs 1,11,000 is divided into 12 parts, it will come to Rs 9,250. That means every month you will have an income of Rs 9,250.
How much earning in single account
If you open a single account in Post Office Monthly Income Scheme and deposit Rs 9 lakh in it, you can get Rs 66,600 as interest in one year and in five years you can earn Rs 66,600 x 5 = Rs 3,33,000. Are. Interest only. Can earn. In this way you can earn Rs 66,600 x 12 = Rs 5,550 per month only from interest.
Who can open an account
Any citizen of any country can open an account in Post Office Monthly Income Scheme. The account can also be opened in the name of the child. If the child is below 10 years of age, his parents or legal guardian can open an account in his name. When the child turns 10 years old, he can get the right to operate the account himself. Let us tell you, for MIS account you must have a savings account in the post office. It is mandatory to provide Aadhar Card, PAN Card for ID proof.
What are the rules if you want to withdraw money before 5 years?
In Post Office MIS, if there is a need to withdraw money before 5 years, then you get this facility after one year, before that the invested amount cannot be withdrawn. But for this you will have to pay a fine. If you withdraw money between one year and three years, 2% of the deposited amount will be deducted and returned. Whereas if the account is more than three years old but you want to withdraw money before 5 years, then the deposited amount is returned to you after deducting 1% from the deposited amount. At the same time, after completion of 5 years, you get the entire amount back.
If you want to avail benefits even after 5 years…
If you want to continue this scheme even after 5 years, you will not get the facility of extension. After 5 years you can withdraw your deposited amount. After withdrawal, you can further avail the benefits of this scheme by opening a new account.