The maturity of this scheme of Post Office is of 5 years. The most important thing is that income will keep coming every month for five years. After maturity, the money that you deposited is also returned to you.
Today we are going to tell about such a scheme of Post Office in which you have to deposit lump sum money. In return, interest money is received every month in the form of pension. The lump sum money is returned on maturity. The maturity period for this scheme is 5 years. The name of this scheme is Post Office Monthly Income Scheme Account (Post Office MIS). Let us know about it in detail.
If you deposit 4.5 lakhs in lump sum in this scheme, then every month you will get Rs 2475 as interest. In a year this amount is Rs 29700. A minimum of Rs 1000 and a maximum of Rs 4.5 lakh can be deposited in this scheme. Apart from this, money can be deposited in multiples of 1000. 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.
At present, the interest rate on this scheme of the post office 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 co-account holder does not claim the monthly interest, then he does not get the benefit of additional interest on this amount. 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 Money cannot be withdrawn from the account for one year from the date of opening. 2% of the principal amount will be deducted as penalty on closing the account within 1 to 3 years. 1% penalty will be deducted for closing the account within 3 to 5 years.
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.
If an account holder dies before maturity, the account is closed and the principal amount is returned to the nominee. Talking about the tax related 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.