The post office MIS scheme has an interest rate of 6.6 per cent and offers only simple interest instead of compound interest. By investing Rs 50,000, you can get a pension of Rs 3,300 per month.
Post Office Monthly Income Scheme
India Post is one of the most reliable options when it comes to investing in the country. All categories of citizens trust it as it is backed by the government and guarantees safe returns with benefits. India Post offers a range of investment options to secure the future of people of all ages. One such investment option is Monthly Income Scheme (MIS) which provides regular monthly pension after investing a lump sum amount.
If one wants to invest in this scheme, then he/she will have to invest a minimum of Rs 1000 and he can invest only in multiples of Rs 1000 or Rs 100. Investors can also open a joint account but there is a limit of only three members per account and the maximum investment that can be made in a joint account is up to Rs 9 lakh.
Rate of interest
The post office MIS scheme has an interest rate of 6.6 per cent and offers only simple interest instead of compound interest. By investing Rs 50,000, you can get a pension of Rs 3,300 per month. Investors can get a total interest of Rs 16,500 in MIS over a period of five years.
Investing Rs 1 lakh in the scheme will give the investor Rs 550 per month pension and investing Rs 4.5 lakh in MIS will get a monthly pension of Rs 2475 or Rs 29,700 per annum.
Fee will have to be paid on withdrawal before maturity
The maturity period of MIS account is 5 years. But if needed, it can be broken first. However, for this it is necessary to have one year since the account was opened. For premature withdrawal, a fee of 2% will be charged from your deposit amount. On the other hand, if you withdraw money after 3 years, then 1% fee will have to be paid on it.
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