Post Office Scheme: While investing money, an investor has only two things in mind – security and good returns. Post Office has many saving plans which assure both of these. Today we will tell you about a superhit scheme that will give you great returns. Under the Post Office MIS Scheme Benefits, you have to deposit money once and then you get interest money like pension every month. In addition, one-time money is also returned on the maturity of the scheme. Let us know about this particular scheme:
Post Office MIS is currently getting an interest of 6.6% per annum payable monthly. The maximum investment limit is Rs 4.5 lakh in a single account and Rs 9 lakh in a joint account. The scheme has a tenure of five years.
Post Office MIS Deposit:
An individual needs to have a minimum of Rs 1000 and multiples of Rs 100 are needed to open an account.
A single account holder has a limit of Rs 4.40 lakh while a joint account holds Rs 9 lakh.
The joint account holders need to have an equal amount invested in the joint account.
Individual total deposits and shares should not exceed Rs 4.50 lakh in MIS accounts.
The limit for minors that is opened by the guardian of the minor will be separate.
MIS Calculator:
If someone has an amount of Rs 50,000 in his account, he/she will receive Rs 275 per month and Rs 3,300 per year for the five consecutive years.
As per the MIS calculator, the individual will receive Rs 16,500 interest in a span of five years.
If there is a deposit of Rs 1 lakh, it will provide Rs 550 per month and Rs 6600 each year and Rs 33000 after five years.
In five years, Rs 4.6 lakh will earn Rs 2475 per month, Rs 29700 per year, and Rs 148500 on interest.
Post Office Monthly Incomes Scheme: Interest
It must be noted that the interest rate will be paid at the end of each month from the date the account is opened.
However, if the account holder missed claiming the monthly interest, then it won’t generate any extra interest.
The excess deposit will be reimbursed with PO savings account interest.
Post Office Monthly Incomes Scheme: Closure of account
The account holders must know that the deposits cannot be withdrawn before a time limit of one year.
If the account holder closes the account three years from the date of opening, the account principal with a 2% reduction from the principal amount is to be deducted, and the balance will be paid.
