Post Office MIS: Many post office savings schemes are quite popular among small investors. One of those schemes is called Monthly Savings Scheme (Post Office Monthly Income Scheme). Any person can earn every month through this scheme. This scheme is very beneficial for those who want regular income. Through this scheme you can get monthly income of Rs 9,250 and annual income of Rs 1,11,000. Let us know what this scheme is and how we can invest in it.
What is MIS scheme?
Post Office MIS is a deposit scheme in which you earn every month through interest. How much you earn depends on your deposit amount. The interest received on the account is credited to the post office savings account. You can withdraw your deposit after 5 years. If you want to take advantage of this scheme in future also, you can invest in it.
Single and joint account
In this scheme you can open single and joint account. Two or three people can open a joint account. The deposit limit is lower in single account and higher in joint account. In such a situation, if you open a joint account with your wife, you can deposit more and earn more.
Single and joint account
You can invest up to Rs 9 lakh in a single account and up to Rs 15 lakh in a joint account. You have to deposit only once and you will get interest on it for 5 years. At present this scheme is giving interest at the rate of 7.4 percent.
How to earn Rs 1,11,000
If you deposit Rs 15 lakh in this scheme along with your wife, then you will get Rs 1,11,000 annually at the rate of 7.4 percent interest and Rs 9,250 every month. 1,11,000 x 5 = 5,55,000 In this way you will earn Rs 5,55,000 only from interest in 5 years.
How much earning on single account
If you open this account single, you can deposit a maximum of Rs 9 lakh. In such a situation, at 7.4 percent interest rate, you can get Rs 66,600 as interest in a year and earn Rs 5,550 every month. In this way you can earn Rs 3,33,000 in 5 years only through interest.
Know who can open an account?
Any citizen of the country can open an account in the Post Office Monthly Income Scheme. The account can also be opened in the name of the child. If the child is below 10 years of age, his parents or legal guardian can open an account in his name. When the child turns 10 years old, he can get the right to operate the account himself. For MIS account you must have a savings account in the post office. It is mandatory to provide Aadhar Card, PAN Card for ID proof.
