The Indian Post Office runs many types of savings schemes, keeping in mind the convenience and needs of the citizens of the country. Many accounts can be opened in these, like RD, TD, PPF, Kisan Vikas Patra, and MIS. Today, we will learn in detail about the Monthly Income Scheme (MIS), i.e., the monthly income scheme.
MIS is a savings scheme in which you have to invest a lump sum, after which you are paid a fixed amount of interest every month. Here we will know that if you deposit ₹ 2 lakh in the MIS scheme, then how much interest you will get every month. Also, we will know some very important things related to this scheme.
Features of the MIS account
Some features of the Post Office Monthly Income Scheme make it attractive for both small and big investors. Under the Monthly Income Scheme, you can open an account with as little as ₹ 1,000. This makes it accessible even to small investors. A maximum of ₹ 9 lakh can be deposited in a single account. If you open a joint account, a maximum of ₹ 15 lakh can be deposited in it.
A maximum of 3 people can join a joint account. Currently, 7.6 percent interest is being given on the Post Office MIS scheme, which is better than many other schemes in the market. An account opened under the Post Office Monthly Income Scheme matures in 5 years.
How much interest will you get every month on depositing ₹ 2,00,000
If you invest ₹2,00,000 (Rs 2 lakh) in the MIS scheme, you get a fixed and guaranteed interest every month. If you deposit ₹2 lakh in this scheme, you will receive a fixed and guaranteed interest of ₹1,266.67 every month for the next 5 years. After the completion of the 5 years, the entire ₹2 lakh deposited by you will be returned to your account. Along with this, you will also get a total interest of ₹76,000 in 5 years.
For example:
7.6% annual interest on ₹2,00,000 = ₹15,200 per year.
Dividing it by 12: ₹15,200 / 12 = ₹1,266.67 per month.
How to invest in the MIS scheme
To invest in the Post Office MIS scheme, know some important things:
To invest in the MIS scheme, it is mandatory to have a savings account in the post office.
If you do not have a post office savings account, then first you have to open a post office savings account, only after which you can open an account in the Monthly Income Scheme.
You can get the application form for opening an MIS account by visiting any post office branch. Fill and submit the form along with the required documents like ID Proof and Address Proof.