Post Office – Let us tell you that Post Office’s Small Savings Schemes are excellent for guaranteed earnings from small savings. Actually, there is a scheme of the government in which husband and wife can earn guaranteed income every month through joint account. Only lump sum investment has to be made in this… every month there will be income of Rs 9250.
Post Office monthly income scheme: Post Office’s small savings schemes are great for guaranteed income from small savings. There is a government scheme in which husband and wife can earn guaranteed income every month through a joint account. In this only lump sum investment has to be made. You can earn this income with the help of Post Office Monthly Income Scheme (POMIS). There is a facility to open joint account in the MIS scheme of the post office.
In this scheme, both single and joint (up to 3 persons) accounts can be opened. Investment has to be made only once in MIS account. Its maturity is 5 years. To make MIS more attractive, the government has increased the interest rate to 7.4 percent from April 1, 2023. Along with this, the investment limit has also been increased.
This is how monthly income is decided-
Under this scheme of the post office, a maximum of Rs 9 lakh can be deposited in a single account, while the maximum deposit limit in a joint account is Rs 15 lakh. Currently, this scheme is offering an annual interest of 7.4 percent. If you wish, your total principal amount will be returned after the maturity period of 5 years.
At the same time, it can be extended for further 5-5 years. After every 5 years, there will be an option to withdraw the principal amount or extend the scheme. The interest received on the account is paid every month to your post office savings account.
 Monthly income of ₹ 9250 to husband and wife-
Monthly income is guaranteed in this scheme of the post office. Suppose, husband and wife have opened a joint account and deposited Rs 15 lakh in it. On this, annual interest of Rs 1,11,000 is earned at the rate of 7.4 percent. If you distribute it over 12 months, you will get Rs 9250 every month.
According to the rules, two or three people can open a joint account in MIS. The income received from this account is given equally to every member. Joint account can be converted into single account at any time. Single account can also be converted into joint account. To make any change in the account, a joint application has to be given by all the account members.
 Option for premature termination-
Maturity of MIS is five years, there can be premature closure in it. However, you can withdraw money only after completion of one year from the date of deposit. According to the rules, if money is withdrawn between one year and three years, then 2% 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.
 Who can open an account?
Post Office Monthly Investment Scheme can be opened by any citizen of any country, whether an adult or a minor. You can also open an account in the name of your child. If the child is below 10 years of age, then the account can be opened in his name on behalf of his parents or legal guardian. 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 should have a savings account in the post office. You will have to provide Aadhar Card, PAN Card for ID proof.
