Post Office MIS Scheme: Invest with Rs 1,000, will get pension every month, know the interest and investment limits

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Post Office MIS Scheme: You can start investing in Post Office Monthly Income Scheme with just Rs 1,000. The amount to be deposited in this should be Rs 1,000. That means you can invest Rs 2,000, Rs 5,000 or more.

post office scheme

Post Office MIS Scheme: The household expenses are easily covered by getting salary every month during the job. But after retirement or loss of job, the source of regular income may end. In such a situation, it is necessary to save to meet future needs. If you also want to get a fixed amount every month without job and pension, then contact the post office. monthly income scheme (MIS) can be a good option for you. By investing lump sum in this, you can earn interest every month.

With how much money can you start investing?

You can start investing in Post Office Monthly Income Scheme with just Rs 1,000. The amount to be deposited in this should be Rs 1,000. That means you can invest Rs 2,000, Rs 5,000 or more.

Important rules related to the scheme

  • The time period of this scheme is 5 years. However, there are some rules for premature account closure.
  • The account cannot be closed in the first year of opening.
  • Whereas if the account is closed between 1 to 3 years, 2 percent of the deposit amount is deducted.
  • There is a deduction of 1 percent if the account is closed between 3 to 5 years.
  • The interest received from this scheme comes under the ambit of tax.

How much interest is received annually?

At present 7.4 percent annual interest is being given in Post Office MIS. Its specialty is that interest is paid to the investor every month. The interest rate applicable at the time of opening the account remains the same for the entire 5 years.

What is the limit in single and joint account?

In this scheme, a maximum of Rs 9 lakh can be deposited under a single account. Whereas the maximum limit of investment in joint account is Rs 15 lakh. In this, a maximum of three adults can open an account together.

For whom is this scheme beneficial?

This scheme can be especially useful for retired elders and people living without pension. Apart from this, people who need a fixed income every month and want to avoid stock market risk can also think of investing in this scheme.

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