Post Office Scheme: In the Monthly Income Scheme of the Post Office, you earn every month in the form of interest money. In this scheme, an account can be opened from Rs 1000. The rate of interest available in this has been increased to 7.4 percent.
More than one Small Savings Scheme is being operated by the Post Office for its customers. Some of these are such that you get guaranteed income every month, that is, it can be seen as a pension scheme. One such scheme is the Monthly Income Scheme or MIS, which has become very popular. Let us know what are the benefits of investing in it?
Interest is being received at the rate of 7.4%
In the Post Office Monthly Income Scheme (Post Office MIS Scheme), where the money is completely safe, the interest is also strong. If you look at the information available on the post office website, interest is being received at the rate of 7.4 per cent on this scheme.
Talking about earning every month by investing in MIS, in this scheme you start getting the benefit of interest after completion of one month from the date of account opening. That is, every month on the date of opening the account, you will have interest money in your hand.
Account can be opened with Rs.1,000
The account can be opened with just Rs 1,000 in the MIS scheme. In this, the facility of opening account in two ways (single and joint) has been given. Talking about the limit, after opening a single account, you can invest up to a maximum of Rs 9 lakh, while a maximum of Rs 15 lakh can be deposited when a joint account is opened. After depositing the amount according to your account, you can get guaranteed interest on it.
The lock-in period of this scheme is 5 years.
In this post office scheme, the lock-in period is five years, but after its completion, you are also given the facility to extend it for the next five years. Seeing the popularity of this scheme, the government has recently increased its interest rates by revising it. The new rates are applicable from 1 April 2023.
Earlier the rate of interest received on this was less than seven percent, but now it has been reduced to 7.4 percent. To invest under the Monthly Income Scheme, it is necessary to have a savings account in the post office. Anyone 18 years or older can invest in this scheme.
account closure facility
Another special thing about this scheme is that only after one year you can get your account closed. However, for this some amount will be deducted from your deposit. Under MIS scheme if you close the account after 1 year and before 3 years from the date of account opening, 2% of the deposit will be deducted and the balance will be paid. On the other hand, if you close the account after 3 years and before 5 years from the date of opening, then 1% of the principal amount will be deducted and the remaining amount will be refunded.
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