Post Office Monthly Income Scheme: Under the scheme, a single adult or three people can open a joint account and invest money. Also, if someone is a minor above the age of 10 years, he can also invest in it in his name.
Post Office Monthly Income Scheme: If you want to earn some income every month along with investment, then you can invest money in Post Office Monthly Income Scheme in the post office. This scheme earns money every month, if you want, you can withdraw the amount every month or you can withdraw it together. Since this is a saving scheme of the Government of India, it is a completely safe investment. Under this scheme, both opening an account and investing is very easy. You can go to your nearest post office and apply to open an account.
Who can invest
A single adult can open a Post Office Monthly Income Scheme account. Not only this, three people can also open a joint account and invest money. Also, if someone is a minor above the age of 10 years, he can also run an MIS account in his name. If there is a minor/person of unsound mind, then a guardian can open this post office MIS account on their behalf.
You can start with a minimum amount
Investment can be started with a minimum of Rs 1000 in the Post Office Monthly Income Scheme. You can invest in multiples of 1000. However, according to India Post, there is a fixed limit of investment in the scheme. A single account holder can invest a maximum of Rs 9 lakh. If there is a joint account, then the maximum limit for it is Rs 15 lakh. In a joint account, the share of all members is equal.
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This is the monthly income per ₹ 10,000
Currently 7.4 percent annual interest is being given on the deposit amount in this scheme. According to India Post, in this scheme, Rs 62 will be earned every month per ₹ 10,000 and it will also be paid. Interest is paid on completion of one month from the date of opening the account. This continues till maturity. If the interest payable every month is not claimed by the account holder, then no additional interest will be paid on such interest. If any additional amount is deposited by the depositor, it will be refunded and interest will be applicable only on post office savings account from the date of opening the account to the date of refund. According to the official website of India Post, interest can be withdrawn through auto credit in the same post office or savings account. Tax is applicable on the amount of interest received.
Know the maturity period
Under the Post Office Monthly Income Scheme account, the account can be closed on completion of 5 years from the date of opening the account by submitting the prescribed application form along with the passbook to the concerned post office. If the account holder dies before maturity, the account can be closed and the amount is refunded to the nominee / legal heirs. Interest is paid up to the last month in which the refund has been made. Yes, you cannot withdraw any deposit amount before the expiry of 1 year from the date of deposit. If the account is closed after one year and before three years from the date of opening, a penalty equal to 2% of the principal will be deducted and the balance amount will be paid.
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