Once you deposit money in the Monthly Income Scheme of the Post Office, then money will continue to come in your account every month for life. Although the tenure of the scheme is 5 years, but it can be extended for 5 years to 5 years.
Post Office MIS Joint Account:
There are some small savings schemes in the post office, where a joint account can also be opened. The Monthly Income Scheme (POMIS) of the Post Office is also in these, where joint accounts get tremendous benefits. Once you deposit money under this scheme, then money will continue to come in your account every month for life. Although the tenure of the scheme is 5 years, but it can be extended further for 5-5 years. If you are a husband wife, then you can take advantage of this scheme as a regular monthly income. Being a post office scheme, it is completely risk free and returns are guaranteed.
interest and maximum deposit
At present, 6.6 percent annual interest is being available on the Post Office Monthly Income Scheme. In this, a maximum of 4.5 lakhs can be invested through a single account and Rs 9 lakh in a joint account.
how much will be in your account
Under the Post Office Monthly Income Scheme, the annual interest earned on your total deposits is divided into 12 parts. The amount that is fixed from this, it comes in your account every month. If you have deposited Rs 9 lakh through a joint account, then the total interest on this amount will be Rs 59,400 at the rate of 6.6 per cent per annum.
This amount will be distributed over the 12 months of the year. In this way, the interest for every month will be around Rs 4950. If you deposit Rs 4.5 lakh under a single account, then the monthly interest will be Rs 2475.
who can take advantage
Any Indian citizen can invest in the Post Office Monthly Income Scheme. For those who want to make regular monthly income through any investment option, this scheme is better for them. It is also a popular scheme in investment plans after retirement.
how to open account
If you have a savings account in the post office, then its process is very easy. For this you should have ID proof, address proof, 2 passport size photographs. If these are documents, then fill the post office monthly income scheme form online or offline and submit them with it. To start the account, initially 1000 rupees have to be deposited in cash or check. There is also a facility to give the name of the nominee on the form.
