Post Office: Investing in post office schemes is a good option to earn more from small savings. We are going to tell you about one such scheme in which you can earn good income every month by investing once. This scheme is known as Post Office Monthly Income Scheme.
New Delhi: Post Office Small Savings Schemes are great for guaranteed earnings from small savings. One of these is a superhit scheme in which once the money is deposited, there is guaranteed income every month. This scheme is Post Office Monthly Income Scheme
Single and joint accounts can be opened in Post Office MIS. Investment has to be made only once in MIS account. Its maturity is for the next 5 years from the date of account opening. This scheme is offering 7.4 percent annual interest from October 1, 2023.
POMIS: How is monthly income determined?
In this post office scheme, you can deposit up to Rs 9 lakh in a single account and up to Rs 15 lakh in a joint account. If you wish, your entire principal amount will be returned after the maturity period of 5 years.
At the same time, it can be extended for further 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 into your post office savings account every month.
How much income on deposit of Rs 5 lakh?
Monthly income is guaranteed in this scheme of the post office. If you have deposited Rs 5 lakh. The annual interest on this is 7.4 percent. In this way there will be an income of Rs 3,083 every month. In this way the income in 12 months will be Rs 36,996.
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 each member. Joint account can be converted to single account at any time.
Single account can also be converted into joint account. To make any changes in the account, all the account members will have to submit a joint application.
The maturity period of MIS is five years.
This account gets closed after 5 years from the date of account opening. This may result in premature closure. However, you can withdraw the money only after completion of one year from the date of deposit.
If you withdraw money between one year and three years, 2% of the deposited amount will be deducted and returned. If you withdraw money before maturity after 3 years of account opening, 1% of your deposit will be deducted and refunded.
