Post Office MIS Scheme: In the monthly income scheme of the post office, you earn in the form of interest money every month. In this scheme, an account can be opened with Rs.1000. The rate of interest available in this has been increased to 7.4 percent.
More than one Small Saving 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 Monthly Income Scheme or MIS, it has become very popular. Let us know what are the benefits of investing in it?
Interest is being given 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 given at the rate of 7.4 per cent on this scheme. Talking about earning every month through investment in MIS, then in this scheme you start getting the benefit of interest on completion of one month from the date of opening the account. That is, you will have interest money in your hand every month on the date of opening the account.
Account can be opened with Rs 1,000
In MIS scheme account can be opened with just Rs 1,000. In this, the facility has been given to open the account in two ways (single and joint). 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 scheme of the post office, the lock-in period is of five years, but after its completion, you are also given the facility to extend it for the next five years. Due to the popularity of this scheme, the government has recently increased it by revising its interest rates. The new rates are applicable from 1 April 2023. Earlier the rate of interest received on this was below seven per cent, but now it has been reduced to 7.4 per cent. To invest under the Monthly Income Scheme, it is necessary to have a savings account in the post office. Any person of 18 years or above can invest in this scheme.
Facility to close the account also
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 the MIS Scheme, if you close the account after 1 year and before 3 years from the date of opening the account, then the balance amount will be paid after deducting 2% of the deposited amount. 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 returned.