In today’s time, companies have spread the jewelery for customers in the name of guaranteed returns. People often lose their lifetime capital by getting trapped in these fake schemes.
In today’s time, companies have spread the jewelery for customers in the name of guaranteed returns. People often lose their lifetime capital by getting trapped in these fake schemes. In view of the fraud taking place in the name of investment in the country, one wishes that even if he does not get lucrative returns, his money is safe and still not growing fast. In such a situation, if you are asked about a scheme that keeps a certain amount of credit in your account every month, then what will you say. This scheme is like a lifesaving especially for older people who are not able to work due to physical disability and do not have a regular source of income.
Don’t be surprised, because the post office is running a similar scheme for the benefit of the general public. This scheme guarantees regular payment on investment for 5 years. This scheme is a post office monthly income scheme. As the name itself suggests, it is a monthly income scheme. After investing in this scheme, you will get a fixed income every month and your money will also be completely safe.
What is Post Office MIS Scheme
In the monthly savings scheme of the post office, you can start investing with a minimum of Rs 1,000 through a single account. At the same time, the maximum amount of per capita investment here is Rs 4.5 lakh. However, if the husband has a joint account in the wife’s name, both can invest up to Rs 4.5 lakh, ie Rs 9 lakh.
MIS can also open youth
In this scheme, not only senior citizens can be invested but also in the name of children. This scheme allows deposits in the name of a minor. But the investment limit in such an account has been fixed at Rs 3 lakh.
How to open MIS
For this, you must have a savings account in the post office. You can open an account at any post office near you. Your MIS money will be credited to this account. In this scheme, a separate MIS form has to be filled in the post office for the deposit. You can get this account shifted from one post office to another.
How much interest is received
The post office monthly income scheme MIS currently offers 6.6% per annum. If you talk about other fixed deposits and options, then this scheme looks better.
These documents are needed
While filling the MIS form in the post office, you need some important documents. You will need a photo of identity card, residential proof, 2 passport size while filling the form. Along with this, you need to fill the name of a nominee. Here you can complete the eligibility for Identity Card and Residential Proof as Aadhaar.
How much time to invest
The post office maturity period is 5 years. If you withdraw money ahead of time, you may incur a loss. There is no provision for withdrawal within a year. Penalty has to be paid at 2 per cent for withdrawing money before 3 years. Within 3 years to 5 years, an amount of 1 per cent is deducted.
Tax has to be paid on interest
After 5 years of maturity, you can reinvest the amount. In this, the nominee can get the amount. TDS is not deducted in MIS scheme, but tax has to be paid on interest.
