Post Office MIS: There are many small savings schemes in the post office, which are attractive in their way. Post Office National Saving Monthly Income Scheme (MIS) is also one of them. If you want, you can start investing in this scheme and earn every month. In this, you get guaranteed returns. Opening an account for this in the post office is very easy.
The special thing is that investment can be started in it with just ₹ 1000. You can open your Post Office National Saving Monthly Income account by going to your nearest post office and submitting the necessary documents. This scheme is a golden opportunity for those who want to secure investment along with regular monthly income.
Who can open an MIS account
According to the official website of India Post, the Post Office National Saving Monthly Income account can be opened both individually and jointly. A minor above 10 years of age can also open this account in his name. A maximum of three people can also open a joint account together. Not only this, but the guardian can also handle this account on behalf of the minor/insane person. This flexibility makes the scheme more inclusive.
What is the maximum amount that can be invested
If the Post Office National Savings Monthly Income Account is a single account, then the person or investor can invest a maximum of ₹9 lakh. If a joint account is opened, a maximum of ₹15 lakh can be invested. In a joint account, all account holders will have an equal share in the investment. The limit of an account opened by a minor as a guardian will be different. This rule gives investors complete freedom to invest according to their financial capacity.
How much return is being received
This scheme of the post office currently gives 7.4 percent annual interest, which is paid on a monthly basis. Interest will be payable on completion of one month from the date of opening the account and similarly, interest is payable till maturity. Understand one thing here, if the interest payable every month is not claimed by the account holder, then no additional interest will be paid on such interest.
Also, interest can be received through auto credit or ECS in the savings account in the same post office. In the case of an MIS account in CBS post offices, the monthly interest can be credited to the savings account maintained in any CBS post office. This ensures that your earnings regularly come into your account.
When will the account mature
In this scheme of post office, the account can be closed on expiry of 5 years from the date of opening the account by submitting the prescribed application paper along with the passbook to the concerned post office. Another thing to know is that the interest is taxable in the hands of the depositor.
As per the rule, no deposit amount can be withdrawn before the expiry of one year from the date of deposit. If the account is closed after one year and three years from the date of opening the account, 2% will be deducted from the principal and the balance amount will be paid. This is important to know so that you can make your strategy at the right time.