Post Office Monthly Income Scheme: This scheme is considered very good for senior citizens. Due to this, they continue to earn income every month and their money also remains safe.
Post Office Monthly Income Scheme is a scheme to generate income every month. In this, any person can invest a maximum of Rs 9 lakh in a single account and a maximum of Rs 15 lakh can be invested in a joint account. Interest is earned every month on the invested amount. Regular income keeps coming through this interest and after 5 years you get your entire deposited amount back.
Any Indian citizen can invest in this scheme. This scheme is considered very good from the point of view of senior citizens. Due to this, they continue to earn income every month and their money also remains safe. At present, interest on POMIS is 7.4 percent. In such a situation, if you are also thinking of earning through this scheme, then know how much income can be earned on deposits of Rs 5 lakh, 9 lakh and 15 lakh.
What is the income on deposits of Rs 5 lakh, 9 lakh and 15 lakh?
According to Post Office MIS Calculator, if you deposit Rs 5 lakh in Post Office MIS, then you will earn Rs 3,083 every month at the rate of 7.4 percent interest. Whereas if you invest a maximum of Rs 9 lakh, you can earn Rs 5,550 per month. If you invest Rs 15 lakh in a joint account, then you can earn Rs 9,250 every month through this scheme.
What are the rules if you want to withdraw money before five years?
If there is a need to withdraw money before maturity in Post Office MIS, then you get this facility after one year, but if you want to withdraw the amount before that, then it is not possible. However, in case of pre-mature closure also you have to pay penalty. If you withdraw money between one year and three years, then 2% of the deposit amount is deducted and returned.
Whereas if you want to withdraw money after three years of opening the account and before 5 years, then the deposit amount is returned to you after deducting 1% from the deposited amount. At the same time, after completion of 5 years, you get the entire amount back.
