In this scheme, husband and wife joint account can make guaranteed income every month. Only lump sum investment has to be done in this. Its maturity is of 5 years. That is, after five years you will start getting guaranteed monthly income.
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Investment in the post office scheme is 100% safe. It is not affected by market fluctuations.
POMIS: 9 lakh deposit in joint account
Under this scheme of the post office, a maximum deposit of Rs 4.5 lakh can be deposited in a single account, while the maximum deposit limit is Rs 9 lakh in a joint account. At present, the scheme is getting an annual interest of 6.6 percent. If you wish, your total principal amount will be returned after the maturity period of 5 years. At the same time, it can be extended further by 5–5 years. After every 5 years, there will be an option to take your principal amount or extend the scheme.
Husband and wife will have monthly income of Rs 4,950
Suppose, husband and wife have opened a joint account and deposited Rs 9 lakh in it. The interest on this is Rs 59,400 per annum at the rate of 6.6 per cent. If you divide it in 12 months, you will get Rs 4,950 every month. According to the rules, two or three people can also open a joint account in MIS.
The income received in exchange for this account is given equally to every member. You can convert a joint account to a single account at any time. Single account can also be converted into joint account. To make any changes in the account, a joint application has to be given by all the account members.
The post office’s monthly investment scheme can be opened by a citizen of any country, whether it is an adult or a minor. You can also open an account in the name of your child. If the child is less than 10 years of age, then the account can be opened in his name on behalf of his parent or legal guardian. When the child attains the age of 10 years, he himself can also get the right to operate the account.
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