Post Office Monthly Income Scheme: Post Office Monthly Income Scheme is a good option for those who want regular income. At present, 7.4 percent annual interest is being given on this scheme.
Post Office Monthly Income Scheme: The post office runs many types of small savings schemes. If you want to earn monthly by investing once, then Post Office Monthly Income Scheme (POMIS) will be right for you. By investing in this government scheme, you can get regular income every month. The duration of this scheme is 5 years.
The interest rates of post office schemes are reviewed every quarter. In the third quarter (October-December) of the current financial year, 7.4 percent annual interest is being given on the Post Office Monthly Income Scheme.
Minimum deposit Rs 1000
The minimum deposit in the Post Office Monthly Income Scheme is Rs 1,000. In this, investment can be made in multiples of Rs 1000. The maximum deposit limit for a single account is Rs 9 lakh. The maximum deposit limit for a joint account is Rs 15 lakh.
Post Office MIS 2024 Calculation
In this scheme, a maximum deposit of Rs 9 lakh is allowed in a single account. This deposit will give an income of Rs 5,550 every month. A maximum deposit of Rs 15 lakh is allowed in a joint account. This will give an income of Rs 9,250 every month. The return from this scheme remains fixed for 5 years.
- Investment: Rs 15 lakh
- Annual interest rate: 7.4%
- Tenure: 5 years
- Interest income: Rs 5,55,000
- Monthly income: Rs 9,250
Pre-mature closure rules
If you need to withdraw money before maturity in the Post Office Monthly Income Scheme, then you get this facility after one year. In case of pre-mature closure, you have to pay a penalty.
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