Post office Monthly income scheme
The Monthly Income Scheme (MIS) is a savings and investment scheme offered by the India Post Office. It is a long-term investment option that offers a fixed rate of return and the opportunity to receive regular income payments on a monthly basis.
Under MIS, investors can open an account with a minimum investment of INR 1,000 in multiples of 1000 The account can be held individually or jointly, and there is no maximum limit on the amount that can be invested. Interest is paid on a monthly basis, and the rate of interest is fixed by the government at the time the account is opened. The interest rate is reviewed periodically, and the rate applicable at the time of review is applicable for the remaining period of the account.
The MIS is a relatively low-risk investment, as the interest rate is fixed and the investment is backed by the government. However, it is important to note that the MIS does not offer the potential for high returns, as the interest rate is generally lower than other investment options.
Who can Open Post Office Monthly income Scheme?
1. Any Individual adult who is resident of India.
2. 2 or 3 Adults can open the Joint account of MIS
3. A guardian of minor or person of unsound mind can also apply for MIS.
4. A Minor whose age is more than 10 years is eligible to apply for MIS
What Deposit amount required to Open Post Office Monthly income Scheme?
1. The MIS account can be opened with minimum amount of Rs. 1000 in multiples of 1000.
2.The Maximum of Rs. 4.5 Lakhs an be deposited in a single account.The maximum of Rs. 9 Lakhs
can be deposited in a joint account.
What Post Office Monthly income Scheme Interest Rate?
The MIS interest offered is currently 6.8 % pa payable monthly. The Interest can change any time as per Government Policies.
The Interest earned by an Individual is Taxable.
How to Open Post Office Monthly income Scheme account?
To open an MIS account, investors can visit any post office or the India Post Payment Bank (IPPB) in person or apply online. To open the account, investors are required to provide proof of identity, address, and age, and they must also complete an application form. The account can be opened by individuals, Hindu Undivided Families (HUFs), and trusts.
Once the account is opened, investors can make deposits into the account at any post office or through the IPPB. Deposits can be made in the form of cash, cheque , or demand draft. Investors can also make deposits online through the IPPB's mobile app or website.
In addition to the monthly income, investors can also earn additional interest on their MIS account through the compounding of interest. The compounding of interest means that the interest earned on the account is added to the principal, and the resulting balance earns interest in the next period. This process continues, resulting in higher overall returns.
Investors can withdraw funds from the MIS account at any time, subject to certain conditions. If an investor withdraws the entire balance of the account before the completion of five years from the date of opening the account, a penalty of 2% of the deposit amount will be levied. However, if an investor withdraws the entire balance after the completion of five years from the date of opening the account, no penalty will be levied.
The MIS or Monthly income scheme in post office is a good investment option for investors who are looking for a stable, long-term investment with the opportunity to receive regular income. It is particularly suitable for senior citizens and retirees who are looking for a reliable source of income. However, it is important for investors to carefully consider their investment objectives and risk tolerance before choosing the MIS, and to carefully review the terms and conditions of the scheme before making an investment.
FAQs:
Can I open a mis scheme in post office without paying commission?
To open a Post Office MIS account, you will need to visit a designated post office and fill out the MIS application form. You will also need to provide certain documents, such as proof of identity, proof of address, and proof of age. You can refer to the Post Office website or contact a post office for a list of the required documents.
The Post Office MIS does not require you to pay any commission or service charges when you open the account. You can simply deposit the required amount and start earning the fixed monthly income. The minimum investment for the Post Office MIS is Rs. 1,500, and there is no maximum limit on the amount that can be invested.
0 Comments