Post office Monthly income scheme: You can earn with the help of Post office Monthly income scheme. Both single and joint (up to 3 persons) accounts can be opened in the scheme. Its maturity is of 5 years.
Post office Monthly income scheme: Invest in post office small savings schemes for guaranteed income. In this scheme of the government, husband and wife can open a joint account. There is guaranteed income every month. There is only lump sum investment in this. The government has doubled its limit in the budget 2023 itself. You can earn with the help of Post Office Monthly Income Scheme. Both single and joint (up to 3 persons) accounts can be opened in the scheme. Its maturity is of 5 years. MIS is currently getting 7.4 percent interest from April 1, 2023.
How is monthly income?
Under the Post office Monthly income scheme, a maximum of Rs 9 lakh can be deposited in a single account. At the same time, there is a limit of Rs 15 lakh in the joint account. The current interest rate is 7.4 per cent per annum. However, the total principal amount can be withdrawn after the maturity period of 5 years. It can be extended for another 5-5 years. After every 5 years, there will be an option to withdraw the principal amount or carry forward the scheme. The interest earned on the account is paid every month in your post office savings account.
Will get benefit of being with wife
Monthly income is guaranteed in the Post office Monthly income scheme. Suppose, husband and wife have opened a joint account and deposited Rs 15 lakh in it. An annual interest of Rs 1,11,000 is made on this at the rate of 7.4 per cent. If you divide it in 12 months, then you will get an income of Rs 9250 every month. According to the post office rules, two or three people can also open a joint account in MIS. The income received in the account is given equally to every member. Joint account can be converted into single account anytime. Single account can also be converted into joint account.
Who can open the account?
Citizen of any country can open account in Post office Monthly income scheme. Account can also be opened in the name of the child. If the child is below 10 years of age, then his parents or legal guardian can open the account in his name. When the child is 10 years old, he himself can get the right to operate the account. Let me tell you, for MIS account, you must have a savings account in the post office. It is mandatory to give Aadhaar card, PAN card for ID proof.
Money withdrawn before maturity will be a loss
The maturity of MIS is five years, there can be premature closure. However, you can withdraw money only after completion of one year from the date of deposit. According to the rules, if the money is withdrawn between one year to three years, then 2% of the deposit amount will be deducted and returned. If you withdraw money anytime before maturity after 3 years of account opening, then 1% of your deposit amount will be deducted and returned.
