Post Office Scheme: This is such a scheme, in which you are guaranteed guaranteed income every month on lump sum deposit. The ups and downs of the market do not affect your investment in this scheme.
Post Office Scheme: If you want to earn guaranteed income every month by depositing money in the post office, then there is a great scheme. This cool scheme of the post office is Monthly Income Scheme (Post Office MIS). This is such a scheme, in which you are guaranteed guaranteed income every month by making a lump sum deposit. The ups and downs of the market do not affect your investment in this scheme. Your money remains completely safe in this. Investment has to be made only once in MIS account. Its maturity is of 5 years.
Account can be opened with ₹ 1000
In this scheme of the post office, accounts can be opened from Rs 1,000. Accounts can be opened both single and joint. Up to Rs 9 lakh can be invested in a single account and up to Rs 15 lakh in a joint account. According to the post office, the payment of interest in MIS is done every month from the completion of one month from the opening of the account till maturity. Any Indian citizen can invest in the Post Office Monthly Income Scheme. From July 1, 2023, this scheme is getting 7.4 percent annual interest.
Can withdraw money before 5 years
The maturity of Post Office 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 According to the rules, if the money is withdrawn between one year and three years, then 2 percent of the deposit amount will be deducted and returned. If you withdraw money before maturity after 3 years of account opening, then 1% of your deposit will be deducted and returned.
POMIS: Some work rules
- In MIS, two or three people together can also open a joint account. The income received in return of this 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. To make any kind of change in the account, a joint application has to be given by all the account members.
- You can also transfer MIS account from one post office to another post office.
- On completion of maturity i.e. five years, it can be extended for further 5-5 years.
- Nomination facility is available in MIS account.
