In the MIS scheme of the post office, an interest of 6.6% is given annually. No one person can invest more than Rs 4.5 lakh in this account.
Manthani Income Scheme i.e. MIS scheme has been started by the post office. It earns investors every month in the form of interest during the tenure of the account. The interest rate is fixed by the government from time to time and is a low risk scheme. Let us also tell you how you can invest in this scheme.
What is the eligibility
An adult, singly or jointly, a guardian (on behalf of a minor) or a minor above the age of 10 years can open an MIS account in their name. Cannot open account in MIS for non-individuals.
Amount
MIS account can be opened in multiples of Rs 1,000 and Rs 100 thereafter. You can deposit up to Rs 4.5 lakh in one account and up to Rs 9 lakh in a joint account. Interest accrues till the maturity period of the account on completion of one month from the date of account opening.
Account can be opened here You can open
an MIS account by going to the post office and filling a common account form. To open this account, identity proof, address proof, KYC documents are required. You will also have to pay a check while applying.
On closure of the account,
MIS is valid for five years from the date of account opening. The account cannot be closed before the expiry of one year from the date of opening of the account. If the account is closed after one year but before 3 years, a deduction of 2 per cent will be made. After 3 years but before 5 years from the date of opening, there will be a deduction of 1% from the principal amount for withdrawal of Rs.
keep these things in mind
- The aggregate limit of Rs 4.5 lakh cannot be exceeded across all MIS accounts of an individual. However, this does not include an account opened by a minor.
- All joint holders have an equal share in the investment.
- If the account holder fails to claim the monthly interest, no additional interest will be available.
- In MIS account, you are given an interest of 6.6%.
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