Post Office MIS: If you get good interest on investment, why not take it? Post office schemes are safe investment and good returns. But, recently there has been a change. The Central Government has revised the interest on the Post Office Small Savings Scheme.
However, this is not applicable to all schemes. Interest rates on some schemes have been increased. One of these is the Post Office Monthly Income Scheme. If you are looking for safe investment and better returns then this scheme is great. Now the interest is also getting more. In such a situation, this scheme is a superhit for investment.
Why is it a good investment option?
Post Office Monthly Income Scheme (MIS) is also a good investment option because, it earns every month by investing lump sum money in it. Also, there is no need to keep a very long waiting period. It matures in 5 years. Recently, the interest rate on it was increased from 6.6 percent to 6.7 percent. In such a situation, now the benefit of interest will be more.
Can withdraw money after 5 years You can choose the option of regular income by investing lump sum money in MIS. Earning every month. The deposit is guaranteed by the Government of India. You can withdraw the entire amount with maturity after 5 years. Anyone can open a single or joint account in this. There is a separate scheme in the post office for senior citizens. But still, by investing in this scheme, pensioners take advantage of pension every month.
60,300 rupees will be available from interest only in 1 year
Now 6.7 percent interest is being given in this scheme of post office. If a lump sum amount is deposited in a single account, then its limit is Rs 4.5 lakh and in a joint account, you can invest up to Rs 9 lakh. Suppose if Rs 9 lakh is deposited in the Monthly Income Scheme,
then at the rate of 6.7 percent interest, the total interest for one year will be Rs 60,300. Meaning the investors will have a regular income of Rs 5025 every month. If you deposit Rs 4,50,000 lakh through a single account, then interest of Rs 30156 will be available. At the same time, the monthly income will be Rs 2513.
In whose name MIS account can be opened
Post Office Monthly Income Account can be opened in the name of any child after the age of 10. If you also want to invest in the name of your child, then you can open an account. With this, the interest money will be credited in the account every month and after 5 years a good amount of money will be deposited. At the same time, adults can also open accounts in it. There is no age limit in this.
What do I need to do to open an account?
To open an account of Monthly Income Scheme, you must have a savings account in the post office. 2 Passport size photograph, Aadhar card, Voter card or Driving license is valid for address proof. The documents will have to be collected by filling the POMIS form by going to the post office. The form can also be downloaded online. It is mandatory to enter the name of the nominee in the form. To open the account, initially 1000 rupees will have to be deposited through cash or cheque.
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