If you deposit Rs 4.5 lakh in lump sum in the Monthly Income Scheme of the Post Office, then you will be given Rs 10,000 every month. If you are looking for a good scheme to invest your money, then Post Office Monthly Income Scheme will be a great option for you. There is no chance of losing money in this scheme. In the Monthly Income Scheme (Post Office MIS Scheme), your entire money will be given back with guarantee, that too along with interest.
How to get Rs 10,000 per month
6.6% annual interest is given to the account holder in the monthly income scheme of the post office. Maturity period 5 years. Meaning after 5 years you will start getting guaranteed monthly income. If a person deposits 4.5 lakh in lumpsum, then after 5 years he will be given Rs 10,000 every month.
Open account in only 1000 rupees
Under the Post Office Monthly Income Scheme, you can open an account for only Rs 1000. Anyone who has turned 18 years old can open the account. In this scheme, a person can open an account with a maximum of 3 account holders simultaneously.
Scheme Terms and Conditions
The first rule of this scheme is that no person can withdraw his deposit before 1 year. If you withdraw money before the completion of your maturity period i.e. between 3 to 5 years, then the post office will refund your amount after deducting one percent of your principal amount. On the other hand, if you withdraw money after the completion of your maturity period, then you will be given all the benefits of the scheme.
Eligibility to open MIS account
In this plan you can open an individual account or a joint account. A minor or a minor who is above 10 years of age needs the account, then he can also open an MIS account in his own name.
Amount to be deposited
To open an account of MIS Post Office, you will have to pay at least Rs. An individual can deposit between Rs 4.5 lakh to Rs 9 lakh in a joint account. Let us tell you that interest is paid after the completion of one month from the date of account opening till maturity.
Account opening
To take advantage of the MIS scheme, an account has to be opened in the post office. After that you have to fill the application form. After that you have to provide one ID proof along with two passport size photographs. The person will also have to give the name of the nominee. To open this account, a minimum payment of Rs. Which you can pay by cash or check.
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