The working class of the country invests the most in most of the post office schemes. The biggest reason behind this is that, even a small amount of money gets an opportunity to invest in the post office.
Along with this, the post office gives the highest interest compared to banks and other institutions. In such a situation, if you are also thinking of investing in the post office. So we are going to tell you about the Monthly Investment Plan (MIS) of the Post Office. In which you can get lakhs of rupees as return by investing 1 thousand rupees every month.
Who can invest in MIS – Any Indian citizen can invest in MIS scheme. The account holder should be at least 18 years of age to open a monthly investment plan account. Apart from this, a person can become the holder of maximum 3 accounts simultaneously. In this scheme, you can also open an account in the name of children above 10 years. But its benefit is available only after the age of 18 years.
How to invest in MIS – In this scheme, a lump sum amount is deposited under a single or joint account. Which can range from Rs 1 thousand to Rs 4 lakh 50 thousand. According to that amount, money keeps coming in your account every month. This scheme is of 5 years. That is, its lock-in period is 5 years. Which can be further extended for another 5 to 5 years.
Maturity Period of MIS – Your investment in this scheme is locked for 5 years. Which you can close after 5 years or you can carry forward for 5 years. At the same time, if the account holder dies during this time, the money is given to the nominee after closing the account.
This is how the account is closed before the maturity period – You cannot withdraw your investment in the MIS scheme of the post office for 1 year. If you withdraw money between 1 to 3 years. Then the money is returned after deducting 2% of the principal amount. On the other hand, if you withdraw the investment between 3 to 5 years. Then the money is returned after deducting 1 percent of the principal amount.
This percentage of interest is available on MIS – The government has fixed 6.6 percent annual interest rate for the Post Office Monthly Income Scheme. If an investor has invested Rs 9 lakh in this through a joint account, then his annual interest at the rate of 6.6 per cent is Rs 59,400. In this sense, your monthly interest amount comes to Rs 4,950. Which you can take every month. Along with this, you can also claim exemption in income under section 80C of Income Tax.
