Post Office MIS Scheme : Monthly Income Scheme of the Post Office is a government small savings scheme, which gives investors an opportunity to earn a fixed amount every month.
Under this scheme, a fixed amount has to be deposited in the account under single or joint account. According to that amount, money comes every month in the account of the investor. This scheme is for 5 years, but it can be extended further for 5-5 years. Being a post office scheme, there is no risk in this scheme. The government guarantees complete security on investment in these schemes.
Any Indian citizen can invest under the Monthly Income Scheme of the Post Office. Post Office Monthly Income Scheme is a better plan for investors who want a fixed amount every month in a safe manner. Under the Post Office Monthly Income Scheme , you cannot invest more than Rs 4.5 lakh through a single account and cannot invest more than Rs 9 lakh under a joint account. The interest rate for the Post Office Monthly Income Scheme has been fixed at 6.6% per annum.
Post Office MIS Account Opening Process
- First of all, it is mandatory to have a savings account with the post office.
- To open an account, you must have aadhar card / passport / voter card / driving license etc. for identity proof.
- Must have passport size photograph (2) and identity proof (for address proof).
- With all these documents, you will have to go to the post office and fill the form of the Post Office Monthly Income Scheme . You can also download this form online.
- After this, you can easily open an account by filling all the information in the form and attaching the required documents and submitting it to the post office.
- In this form you will also have to give the name of the nominee.
- To open this account, you have to deposit Rs 1000 through cash or cheque.