You will get excellent benefits by investing in this scheme
Post Office Scheme: If you want to earn guaranteed income every month by depositing money in the post office, there is a great scheme. This cool scheme of Post Office is Monthly Income Scheme (Post Office MIS). This is a scheme in which you are guaranteed guaranteed income every month by depositing a lump sum amount. In this scheme your investment is not affected by market fluctuations. In this your money remains completely safe. Investment has to be made only once in MIS account. Its maturity is 5 years.
Account can be opened with ₹1000
Under this scheme of post office, an account can be opened with Rs 1,000. Both single and joint accounts can be opened. Up to Rs 9 lakh can be invested in a single account and up to Rs 15 lakh in a joint account. According to the post office, interest is paid every month in MIS from account opening till maturity. Any Indian citizen can invest in Post Office Monthly Income Scheme. This scheme is offering 7.4 percent annual interest from July 1, 2023.
You can withdraw money before 5 years
Pot Office MIS has a maturity period of five years with the option of premature closure. However, you can withdraw the money only after completion of one year from the date of deposit. According to the rules, if money is withdrawn between one year and three years, then 2 percent of the deposited amount will be deducted and returned. If you withdraw money before maturity after 3 years of account opening, 1% of your deposit will be deducted and refunded.
Pomice: some working rules
Two or three people can open a joint account in MIS. The income received from this account is given equally to each member.
Joint account can be converted to single account at any time. Single account can also be converted into joint account. To make any changes in the account, all the account members will have to submit a joint application.
You can also transfer MIS account from one post office to another.
On completion of maturity i.e. five years, it can be extended for further 5 years. There is facility of nomination in MIS account.
