The Monthly Income Scheme of the Post Office is beneficial for those people who want profits at zero risk. By investing once in the Monthly Income Scheme (MIS) of the Post Office, you can get a fixed account every month after maturity. Let us tell you that a minimum investment of Rs 1 thousand and a maximum of Rs 4.5 lakh can be invested in the MIS scheme. Let us know about the Monthly Income Scheme of the Post Office…
Who can invest in MIS scheme – Any Indian can invest in the MIS scheme of the post office. The age of the person investing in this scheme should be a minimum of 10 years, if the investment is being made in the name of a child below the age of 10 years, then the guardian also remains in that account. At the same time, a joint account can also be opened in the MIS scheme of the post office. In which the maximum investment limit becomes Rs 9 lakh.
What is the percentage of interest- The MIS account of the post office earns interest at the rate of 6.6% per annum. At the same time, the interest earned on the MIS scheme comes under the purview of tax. Along with this, interest is paid only on closing the account or on maturity.
On closure of pre-mature account – The maturity period of the post office MIS scheme is 5 years. MIS account cannot be closed till one year before investment. If the account is closed between 1 to 3 years of investment, then 2% of the principal amount is deducted. Also, if the account is closed between 3 to 5 years, then 1% of the principal amount is deducted.
Calculation of earning of Rs 2,475 – If you invest Rs 4.5 lakh in the MIS scheme of the post office, then you will get interest at the rate of 6.6 percent on this amount, which is Rs 1,48,500 at the time of maturity. In such a situation, you will get Rs 2,475 every month for 5 years.