Saving schemes are being run in the post office for every age and class. Apart from giving excellent returns, they also guarantee the security of investment. One of these special schemes is the Post Office Monthly Income Scheme, which is a scheme that provides income to the investor every month. In such a situation, if you are planning to start investing this Diwali, then this can prove to be a better option.
Interest is available at the rate of 7.4%
This monthly income scheme of the post office is also giving excellent returns. The government gives 7.4 percent interest in this scheme. The most important thing about this scheme is that by investing in it, the tension of your income every month ends. The maturity period of this government scheme is 5 years and money cannot be withdrawn from it until one year after the account is opened. In this you can open an account with just Rs 1000.
You can invest up to Rs 9 lakh
The investment limit for account holders investing under the Post Office Monthly Savings Scheme (POMIS) is Rs 9 lakh. If we talk about joint account, then the maximum limit for it has been fixed at Rs 15 lakh. Let us tell you that this limit has been increased and implemented last year on 1 April 2023. This is a single investment scheme and once you invest, you can arrange guaranteed income for yourself every month under this scheme.
Closing the plan is a loss deal
In this scheme, you cannot close the account for one year after opening it. Whereas if you close the Post Office Monthly Income Scheme account before three years, then a charge of 2 percent is levied, whereas if you close the account after 3 years and before 5 years, a charge of 1 percent is levied.
Calculating monthly income
In this post office scheme, lump sum investment gives guaranteed income every month and if you calculate the income every month, then if you invest Rs 5 lakh in it for five years, then you will get an interest rate of 7.4 percent. There will be an income of Rs 3,084 every month. Whereas if we look at the maximum limit of individual account holder i.e. Rs 9 lakh, then the income every month will be Rs 5,550. Apart from monthly, you can also take this interest income on quarterly, half yearly or yearly basis.
It is easy to open an account under this scheme
It is very easy to open an account under Monthly Income Scheme (MIS). For this, you can go to your nearest post office and submit the application form along with the necessary documents to the post office. Applicants can collect the account opening form from the post office and submit it along with KYC form and PAN card. KYC documents have to be submitted even if there is a joint account holder. Meanwhile, keep in mind that while filling the form for opening an account, fill all the information correctly.
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