Post Office Scheme: If you are looking for an investment where your money is safe and you receive a fixed income every month, then the Post Office Monthly Income Scheme can be a strong option for you. This scheme is especially popular among those who want to stay away from the stock market or risky investments. This Post Office scheme, known as MIS, is a savings scheme supported by the Government of India. Investing in it provides you with a fixed interest every month, and the principal amount invested remains completely safe. The main objective of this scheme is to provide investors with a regular monthly income.
Who can invest in this scheme?
Any Indian citizen aged 18 years or older can open an account under this scheme. In addition to a single account, a joint account facility is also available, in which a maximum of three adults can invest together. An account cannot be opened directly in the name of a minor, but investment is possible in some cases through a guardian.
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Interest Rate and Maturity Information
Currently, the Post Office MIS offers an annual interest rate of 7.40 percent. This interest is transferred directly to the investor’s account every month. The maturity period of this scheme is five years, and the interest starts accruing from the month following the account opening.
How to get Rs 5500 every month
If an investor invests a maximum of Rs 9 lakh through a single account, then according to the current interest rate, they receive a fixed income of approximately Rs 5500 every month. This income is completely protected from market fluctuations and remains the same for the entire five years.
In the case of a joint account, the investment limit increases to Rs 15 lakh. In this situation, the monthly amount received can reach up to approximately Rs 9250. This option proves quite useful for household expenses or the regular needs of senior citizens.
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Rules for premature account closure
If an investor closes the account before maturity, certain deductions apply. If the account is closed between one and three years, two percent of the deposit amount is deducted, while a one percent deduction is applied if it is closed between three and five years.
If the account holder dies before maturity, the account is closed and the entire deposit amount along with the accrued interest is given to the nominee. This ensures the financial security of the family.
Where and how to open an account
A Post Office MIS account can be easily opened at your nearest post office. An account opening form, Aadhaar card, PAN card, and a photograph are required. This scheme can be started with a minimum deposit of one thousand rupees.
Who will benefit the most?
This scheme is extremely beneficial for retired employees, senior citizens, housewives, and investors who want a fixed monthly income without any risk. This scheme is considered reliable for those planning for a secure future.
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Adarsh P
Adarsh Pal is a content writer at Timesbull Media. He specializes in writing news related to industry updates, the automotive sector, banking, telecommunications, the travel sector, and personal finance. Adarsh has previously worked with several digital media channels. He is skilled at presenting news accurately and disseminating information based on...
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