Post Office Scheme: If the husband and wife invest in the joint account up to the maximum limit, then they will get a guaranteed income of Rs 4,950 every month.
Post Office monthly income scheme (POMIS): In the post office monthly income scheme, husband and wife can get guaranteed income every month through a joint account. Only a lump sum investment has to be made in this scheme of Post Office. The facility of opening a joint account is available in the MIS scheme. Under this scheme, both single and joint accounts (up to 3 persons) can be opened. You have to invest only once in MIS account. Its maturity is of 5 years. That is, after five years you will start getting guaranteed monthly income. If the husband and wife invest in the joint account up to the maximum limit, then they will get a guaranteed income of Rs 4,950 per month.
POMIS: How to get monthly income
According to the MIS of the post office, a maximum investment of Rs 4.5 lakh can be made in a single account and Rs 9 lakh in a joint account. At present, the scheme is getting an annual interest of 6.6 percent. If you wish, your total principal amount will be returned after the maturity period of 5 years. At the same time, it can be extended further by 5-5 years. After every 5 years, there will be an option to take your principal amount or extend the scheme.
Monthly income is guaranteed in this scheme of Post Office. Suppose, husband and wife have opened a joint account and deposited Rs 9 lakh in it. It earns an interest of Rs 59,400 per annum at the rate of 6.6 per cent. If you divide it in 12 months, you will get Rs 4950 every month.
Premature can close
The maturity of MIS is 5 years. However, premature closure can be done in this. As per the rules, you can withdraw money only after completion of one year from the date of deposit. If you withdraw money 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 will be refunded after deducting it.
You can also invest in the Post Office Monthly Investment Scheme in the name of the child. If the child is less than 10 years of age, then the account can be opened in his name on behalf of his parents or legal guardian. When the child attains the age of 10 years, he himself can also get the right to operate the account.
