The volatility of the market does not have any effect on your investment made in this scheme. In this your money is completely safe.
Post Office MIS: If you want to invest for guaranteed returns without risk, then the Post Office Monthly Income Scheme (Post Office MIS) is a strong option. This is a scheme in which you get guaranteed income every month by making a lump sum deposit. The volatility of the market does not have any effect on your investment made in this scheme. In this your money is completely safe. One has to invest only once in the MIS account and after five years there is a guaranteed monthly income. If you are single, then you can deposit a maximum lump sum of Rs 4.5 lakh.
MIS: 4.5 lakh deposits, interest of Rs 29,700 per annum
According to the MIS calculator, if a person opens this account with a lump-sum deposit of Rs 4.5 lakh, then after maturity, for the next five years, he will have income from interest of Rs 29,700 per annum for the next five years. That is, every month you will earn Rs 2475 as interest. In this way, you will get total interest of Rs 1,48,500 in five years. Post office MIS is currently getting 6.6% annual interest.
MIS: Features of the Scheme
The account can be opened with a minimum investment of Rs 1,000 in the POMIS scheme. Both single and joint account can be opened. You can invest a maximum of Rs 4.5 lakh in a single account and up to Rs 9 lakh in a joint account. According to India Post, interest is paid every month in MIS. Any Indian citizen can invest in the Post Office Monthly Income Scheme.
The maturity of MIS is five years, there may be premature closure. However, you can withdraw money only after completion of one year from the date of deposit. According to the rules, if the money is withdrawn between one year to three years, then 2% of the deposit amount will be refunded. If you withdraw money at any time before maturity after 3 years of account opening, then 1% of your deposit amount will be refunded after deducting it.
You can also transfer MIS account from one post office to another post office. On maturity i.e. completion of five years, it can be extended for a further 5-5 years. Nomination facility is available in MIS account. This scheme money is completely safe.
