You can deposit a minimum of Rs 1000 to a maximum of Rs 4.5 lakh in the National Savings Monthly Income Account. If you open a joint account, then the maximum investment amount increases to Rs 9 lakh.
Post Office Saving Schemes: The market is breaking new records these days. Investors are getting rich. But the market cannot be trusted whether this boom will continue or not. Therefore, there are many such government schemes for those who want a safe investment, in which money is not only safe but also good returns are also available.
There are schemes with long term, short term as well as monthly income, in which returns can be earned every month by investing money.
We are discussing the Monthly Income Scheme of the Post Office (Post Office Monthly Income Scheme).
Every month income scheme is also included in the small savings scheme of the post office. In this, every month a fixed amount will come in your account.
The name of the scheme with income every month from investment in the post office is National Savings Monthly Income Account (MIS). In this scheme, you get interest at the rate of 6.6 percent. Interest will be paid on monthly basis.
How much money can deposit
According to the official website of the post office www.indiapost.gov.in, you can deposit a minimum of Rs 1000 to a maximum of Rs 4.5 lakh in the National Savings Monthly Income Account.
If you have a joint account, then the maximum investment amount increases to Rs 9 lakh.
Investment amount
One can invest in this post office scheme in multiples of Rs 1000. The maximum investment amount is Rs 4.5 lakh in a single account and Rs 9 lakh in a joint account. The maximum one can avail in the scheme is Rs 4.5 lakh. (This also includes his share in the joint account.) Each joint holder will have an equal share in the joint account.
Maturity in five years
- The maturity of the monthly income account in the post office is in 5 years. This account can be closed on completion of five years. If the account holder dies before the maturity of the account, then that amount will be given to the nominee of the account holder.
- To close the account on maturity, the account holder has to fill and submit an application form.
- It has a lock-in period of one year. You cannot withdraw any money from it within one year of opening the account. If you close this account before three years, then 2 percent amount will be deducted from your account and the balance amount will be paid.
- If the account is closed after three years, then this deduction amount will be one percent.
- Any adult person can open an account in Monthly Income Scheme. Joint account Up to three people can join. The account is opened on behalf of the minor in the name of the guardian. A minor above the age of 10 years can also open an account in his own name.
- For more information about this scheme, you can visit the website of Indian Post www.indiapost.gov.in.
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