Post Office Monthly Income Scheme Account: The maturity of this scheme is 5 years. That is, after five years you will start getting guaranteed monthly income.
Post Office Monthly Income Scheme Calculator: If you are looking for an option of guaranteed income every month without taking any risk, then the Post Office Monthly Income Scheme (Post Office MIS) is a great small savings scheme. This is a scheme in which a lump sum deposit gives guaranteed income every month. Market volatility does not affect the investment made in this scheme. You have to invest only once in MIS account. Its maturity is of 5 years. That is, after five years you will start getting guaranteed monthly income.
MIS Calculator: Rs.2475 per year on deposit of 4.5 lakhs
According to the MIS calculator, if a person opens this account with a lump sum deposit of Rs 4.5 lakh, then he will have an income of Rs 29,700 annually for the next five years after maturity. That is, every month you will get Rs 2475. At present, 6.6% annual interest is being received on the MIS of the post office.
Post Office MIS: Account can be opened with Rs.1000
The account can be opened with a minimum investment of Rs 1,000 in the POMIS scheme. Both single and joint account can be opened. You can invest a maximum of Rs 4.5 lakh in a single account and up to Rs 9 lakh in a joint account. According to India Post, interest is paid every month in MIS. Any Indian citizen can invest in the Post Office Monthly Income Scheme.
POMIS: Maturity is five years
The maturity of Post Office MIS is five years, there may be premature closure. However, you can withdraw money only after completion of one year from the date of deposit. According to the rules, if the money is withdrawn between one year to three years, then 2% of the deposit amount will be refunded. If you withdraw money at any time before maturity after 3 years of account opening, then 1% of your deposit will be refunded after deducting it. You can also transfer MIS account from one post office to another post office. On maturity i.e. completion of five years, it can be extended for a further 5-5 years. Nomination facility is available in MIS account. This scheme money is completely safe.
POMIS: How to open account
To open an MIS account, you must have aadhar card or passport or voter card or driving license for ID proof. You have to provide 2 passport size photographs. For address proof, ID card or utility bill issued by the government will be valid. By taking this document, you will have to go to the post office and fill the form of the Post Office Monthly Income Scheme. You can also download it online. Along with filling the form, the name of the nominee will also have to be given. To open this account, initially 1000 rupees have to be deposited through cash or cheque.