Under this scheme of the post office, a maximum of three people can open a joint account. Even a minor above 10 years of age can open this account in his or her name.
There are many small savings schemes in the post office. These are attractive in their own way. Post Office National Saving Monthly Income (MIS) is also one such scheme. If you want, you can also start investing in this scheme and earn every month. You get guaranteed returns in this.
It is very easy to open an account for this in the post office. The special thing is that investment can be started in it with just Rs 1000. You can open a Post Office National Saving Monthly Income account by going to your nearest post office (Dak Ghar) and submitting the documents.
Who can open MIS account
According to the official website of India Post, Post Office National Savings Monthly Income Account can be opened both individually and jointly. Even a minor above 10 years of age can open this account in his name. A maximum of three people can open a joint account. Not only this, guardians can also handle this account on behalf of a minor/insane person.
Maximum amount can be invested
If the Post Office National Savings Monthly Income Account is a single account, then that person or investor can invest a maximum of Rs 9 lakh. If a joint account is opened, then a maximum of Rs 15 lakh can be invested. In a joint account, all account holders will have equal share in the investment. The limit of the account opened by the minor as a guardian will be different.
How much return is being received
At present, this scheme of Post Office gives 7.4 percent annual interest which is paid on a monthly basis. Interest will be payable on completion of one month from the date of opening the account and similarly interest is payable till maturity. Here one thing to understand, if the interest payable every month is not claimed by the account holder, then no additional interest will be given on such interest.
Also, interest can be received through auto credit or ECS in the savings account held in the same post office. In case of MIS account in CBS post offices, monthly interest can be credited to the savings account held in any CBS post office.
When will the account mature
In this scheme of the post office, the account can be closed on the expiry of 5 years from the date of opening the account by submitting the prescribed application paper along with the passbook in the concerned post office. One more thing to know is that interest is taxable in the hands of the depositor.
According to the rule, no deposit amount can be withdrawn before the expiry of one year from the date of deposit. If the account is closed after one year and before three years from the date of opening the account, then 2% will be deducted from the principal and the remaining amount will be paid.
