Post Office Scheme: You can obtain a guarantee of security and rewards by investing in government initiatives. Government banks and post offices offer numerous schemes that allow you to invest money and keep it safe. What makes these locations unique is that investing there also yields assured profits. The post office offers numerous savings plans of this type. The Monthly Income Scheme (MIS) is the most well-liked of them.
Post Office Monthly Income Scheme (MIS) Overview
Those who wish to invest once and get a monthly income are big fans of the Post Office Monthly Income Scheme. A maximum of Rs 9 lakh can be deposited into an account created under this arrangement. You can deposit up to Rs 15 lakh if you register a joint account, such as husband and wife.
Monthly interest is paid to investors in the Post Office Micro Investment Scheme. This interest can be used by investors as monthly income. What makes this post office scheme unique is that it offers 7.4% interest.
Scheme Duration
The Post Office Monthly Income Scheme lasts for five years. Money can be deposited for up to five years at a time. In this manner, interest will be paid into your account each month for the next five years. You are free to revoke this interest at any time. Your deposited money is returned to you upon maturity, or after five years.
Unique characteristics of the Post Office Monthly Income Plan
- The investor’s money is safe because this is a government-run scheme.
- This arrangement has a five-year term, but you can take money out before then.
- You have an additional five years to invest this money after five years.
- This post office plan allows you to invest in multiples of 1000.
- Up to Rs 9 lakh can be deposited by one individual.
- A joint account can hold deposits of up to Rs 15 lakh.
- Interest is available in the Post Office Monthly Income Scheme at a rate of 7.4%.
Early Withdrawal Provision
Although the funds in the Post Office Monthly Income Scheme are locked for five years, you are still able to access them earlier if necessary. One year after starting the account, you can take money out of this arrangement. You will be required to make a monetary payment in exchange for this.
Loss from early account termination
- Money cannot be withdrawn prior to the account opening date, which is one year from the date of opening.
- Two percent of the principal amount will be subtracted if the account is closed within the first year but before the third year from the date of account opening.
- One percent of the principal amount will be subtracted if the account is closed after three years but before five years from the date of account opening.
- The account may be cancelled and the money refunded to the nominee if the account holder passes away before it matures.
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