Post Office Monthly Income Scheme: If you are thinking of investing in the coming days, then you can do it in the savings schemes of the post office. You definitely get good returns in these schemes. Also, the money invested in it is also completely safe. If the bank defaults, then you get back only Rs 5 lakh. But this is not the case in the post office. Apart from this, investment in post office savings schemes can be started with a very small amount.
Monthly Income Scheme (MIS) is also included in the small savings schemes of the post office. By investing in this scheme, you will get an opportunity to earn every month. In this, a fixed amount will come in your account every month. Let us know in detail about the Monthly Income Scheme (MIS) of the Post Office.
Rate of interest
The monthly income scheme of the post office is currently getting an interest rate of 6.6 percent per annum. Interest will be paid on monthly basis.
One can invest in this post office scheme in multiples of Rs 1000. The maximum investment amount is Rs 4.5 lakh in a single account and Rs 9 lakh in a joint account. The maximum one can avail in the scheme is Rs 4.5 lakh. (This also includes his share in the joint account.) Each joint holder will have an equal share in the joint account.
Who can open account?
In the Post Office Monthly Income Scheme, a joint account can be opened by an adult, up to 3 adults together, a guardian on behalf of a minor or a person of weak mind and a minor above the age of 10 years in his own name.
- The account can be closed at the end of five years from the date of opening. In order to close the account, the person has to submit the appropriate 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 will be refunded to his nominee or legal heir. Interest will be paid from the month preceding the month in which the refund is made.
Premature closure of account
- No amount will be withdrawn before the expiry of one year from the date of deposit.
- If the account is closed after one year and before three years from the date of its opening, an amount equal to 2 per cent of the principal will be deducted and the balance amount will be paid.
- If the account is closed after three years and before five years from the date of opening, an amount equal to 1 per cent of the principal will be deducted and the balance amount will be paid.
- The account can be closed before maturity by submitting the appropriate application form along with passbook at the concerned post office.