With the MIS scheme of the post office, you can increase your income every month. A lump sum amount is deposited in this. In this, accounts can be opened in the name of single, joint and children.
post office scheme
The Monthly Income Scheme of the Post Office is considered to be much better in terms of investment. In this, you can get returns annually or every month by depositing a lump sum amount. With this you can increase your monthly income. In this account can be opened with just Rs 1000. It has high returns on long term investment. Through MIS, you can get up to 5 thousand every month. In this, the facility of opening both joint and single account is available.
how to open account
You can arrange a monthly income for yourself by depositing lump sum money in the MIS of the post office. If your account is single then you can deposit maximum up to Rs 4.5 lakh. At the same time, up to a maximum of Rs 9 lakh can be deposited on the joint account. In this scheme, an account can also be opened in the name of children. However, for this a parent or guardian will have to take care of it. Later, when the child attains the age of 10 years, he can operate the account himself.
how to get 5 thousand
Currently 6.6% interest is being given in this scheme. If you invest Rs 4.5 lakh under a single account, now you will get Rs 29700 per annum according to the current rate of interest. On the other hand, if you invest 9 lakhs under a joint account, then you will get 59,400 years of interest. That is, a return of Rs 4,950 will be available every month.
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 percent 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.
Also read: Returns in this government scheme, not less than mutual funds, can become a millionaire in just 5 years
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