Lump sum money has to be deposited in the Post Office MIS Scheme. After this, you will get interest money like pension every month. Your deposited money is returned after five years. This is a super hit scheme.
3300 will be available as interest every year.
Today we will know about such a scheme of Post Office in which you have to deposit lump sum money and after that you get interest money as pension every month. The lump sum money is returned on maturity. The maturity period for this scheme is 5 years. If you deposit only 50 thousand rupees in this, then every year you will get 3300 rupees as interest.
The name of this superhit scheme of post office is Post Office Monthly Income Scheme Account (MIS). Money can be deposited in this scheme at least in multiples of 1000 and 100. The maximum amount that can be deposited is Rs 4.5 lakh. This limit is for single account. The maximum limit for a joint account is Rs 9 lakh. A maximum of three people can open a joint account. Guardian can open this account if the child is a minor. Post office MIS account can also be opened in the name of the child after 10 years.
Minimum 1000 rupees can be deposited
At least 1000 rupees can be deposited in the post office MIS account. For Individual, this limit is Rs 4.5 lakh. Currently, the interest rate is 6.6 percent, which is available on the basis of simple interest. Interest is calculated on an annual basis but the payment is done on a monthly basis. If the account holder does not claim the monthly interest, then he does not get the benefit of additional interest on this money.
One year lock-in period
The maturity of this scheme is of 5 years. Money cannot be withdrawn from the account for one year from the date of opening. 2% of the principal amount will be deducted on closure of the account during 1-3 years. 1% penalty will be deducted for closing the account within 3-5 years.
2475 rupees per month on depositing 4.5 lakhs
According to the MIS calculator, if someone deposits 50 thousand rupees in a lump sum in this account, then every month 275 rupees i.e. 3300 rupees will be available every year for five years. He will get a total of Rs 16500 as interest in five years. Similarly, on depositing 1 lakh, you will get Rs 550 every month, Rs 6600 every year and Rs 33000 in five years. On depositing maximum 4.5 lakhs, you will get Rs 2475 every month, Rs 29700 in one year and Rs 148500 in interest route in five years.
How to get benefit on death of account holder
If an account holder dies before maturity, the account is closed and the principal amount is returned to the nominee. Talking about the tax rules, the benefit of deduction under section 80C will not be available on deposit in this scheme. TDS is also not deducted on withdrawal of money from post office or on interest income. However, interest income is fully taxable.
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