Post office is considered to be the best option for safe savings. Monthly Income Scheme of the Post Office is one such savings scheme in which your principal will be safe and interest will also be available every month.
New Delhi. Post office small savings schemes are considered a very safe investment option. In this your money is safe and returns are also good. We will tell you about one such scheme of the post office, which you can start with very little investment and you will get the interest paid on the deposit every month.
For example, if you invest Rs 2,000 in this scheme on the 1st of the month, then at the end of the month, you will be given interest at a certain rate. Similarly, every month your deposit amount will increase and the interest earned on it will also increase. However, interest will be calculated on an annual basis only. We are talking about the Monthly Income Scheme (MIS) of the Post Office.
What is this scheme
You can start your investment in MIS with Rs.1,000. After this, every month you have to invest in its coefficient (Rs 2000, Rs 3000). In this scheme, 1 person can deposit a total of 4.5 lakh rupees. If the account is joint, then Rs 9 lakh can be deposited in it. The maximum deposit limit is for 5 years. 5 years is the maturity age of this scheme. In a joint account, the investment of any one investor cannot be more or less than the other.
Interest and Maturity
In this scheme, the investor gets an annual interest of 6.6 percent, which will be paid every month. These rates are applicable from 1st April 2020. If the account holder does not take interest every month, then that amount will be kept aside and no interest will be paid on it. Talk about maturity, after the day you started investing, you can withdraw the entire money after a year. However, even before that, the amount can be withdrawn with some penalty. But you will not be allowed to withdraw the amount for at least one year. If the account is closed after one year and before 3 years, the amount will be returned after deducting 2% from the principal amount. At the same time, if the account is closed after 3 years and before 5 years, the amount will be returned after deducting 1% from the principal amount.
In case of death of account holder
According to the post office website, if the account holder dies before the maturity of the account, then the amount will be given to the person nominated by him or the legal descendant.
