Government of India from time to time for the general public Safe And Beneficial schemes Brings, whose purpose is to make people financially strong. One such popular plan is Post office Monthly income scheme (Monthly Income Scheme – MIS), which investors every month Income of fixed amount Provides
Once you invest in this scheme, you Fixed interest every month As you get money, especially After retirement in Regular monthly income It is beneficial for those who are looking for. In this article we will know in detail what is this scheme, how to invest in it, what is its eligibility, and you Up to ₹ 9,250 every month How can you get income? Also, we will discuss its rules, benefits, and precautions so that you can make the right decisions.
Government schemes observation
| Feature | Details |
| Name of the scheme | Post Office Monthly Income Scheme (MIS) |
| Interest rate | 7.4% annually |
| Minimum investment amount | ₹ 1,000 |
| Maximum investment amount (single) | ₹ 9,00,000 |
| Maximum investment amount (joint) | ₹ 15,00,000 |
| monthly income | ₹ 9,250 (on maximum investment on joint account) |
| Period of plan | 5 years |
| Eligibility | Guardian for Indian citizen, adult or minor |
| Premature clearance rule | 2% cut between 1 and 3 years, 1% cut between 3 to 5 years |
| Interest payment | Every month directly to the account |
How to invest in post office monthly income scheme?
- Go to the post office and apply for monthly income scheme.
- Deposit minimum ₹ 1,000, and then you can deposit the amount in multiple multiple multiple.
- You can open a single account or joint account (maximum 3 adults).
- If you want to invest for the minor, then open an account in the name of his guardian.
- Based on the deposit amount, you will get interest every month, which will be directly transferred to your account.
- The duration of the plan is 5 years, after which you can withdraw the principal or renew the scheme.
What is eligibility?
- It is mandatory to be an Indian citizen.
- The adult (above 18 years) for a single account should be.
- The joint account may include a maximum of 3 adult individuals.
- An account in the name of a guardian may open for the minor.
- The minimum investment starts at ₹ 1,000.
Benefits of investment in this scheme
- Government guarantee: This scheme is completely government, so investment is safe.
- Regular monthly income: Every month a fixed interest amount comes to your account.
- Better interest rate: Better interest rate (7.4%) is available than bank FD.
- Suitable for long term: Regular income is received over a period of 5 years.
- Joint account facility: Can invest in association with family members.
- Premature withdrawal facility: If needed, you can withdraw money ahead of time as per the rules.
How to get ₹ 9,250 every month?
If you invest a maximum of ₹ 15,00,000 in a joint account, then your annual interest will be ₹ 1,11,000 as per 7.4% annual interest. On distributing it in 12 months, you will get an income of ₹ 9,250 every month.
The monthly income on a maximum of ₹ 9,00,000 in single account can be ₹ 5,550.
This amount is transferred directly to your bank account, which will keep you regular income.
Premature clearance rule
- No withdrawal before 1 year of deposit.
- 2% deduction on withdrawal between 1 and 3 years.
- 1% deduction on withdrawal between 3 and 5 years.
- Possible withdrawal without cuts after 5 years.
Take care before investing in this scheme
- The scheme is for a long period, so the money will be locked for 5 years while investing.
- The interest rate may be revised by the government from time to time.
- Monthly income is stable, so do not expect high returns.
- Cuts are applied to premature withdrawal.
conclusion
Post Office Monthly Income Scheme (MIS) is a safe and reliable government scheme, which gives you regular income every month. The scheme is especially suitable for those who want a stable monthly income without risk, such as people after retirement or who do not want to take much risk in investment.
You can get around ₹ 9,250 every month on investment of up to ₹ 15 lakh, which can be helpful in meeting your economic needs.
Disclaimer: This article is based on the information of Post Office Monthly Income Scheme (MIS), which is a real and valid plan run by the Government of India. However, it would be appropriate to consult a specialist keeping in mind your personal financial status and requirements before investing.
It is necessary to understand complete information and rules before investing in any scheme. The interest rates given in this article can change from time to time. Therefore, contact the nearest post office or concerned government office for the latest information.
