Post Office has various Saving Schemes for every age and class, which are very popular among the people. In this, along with the security of the money invested by you, you also get strong returns. One such scheme is the Post Office Monthly Income Scheme, which guarantees income to the investor every month.

Interest is available at the rate of 7.4%.

The returns in this monthly income scheme of Post Office are also excellent. From July 1, 2023, the interest on investment has been increased to 7.4 percent. The most important thing about this scheme is that by investing in it, the tension of your income every month ends. The maturity period of this government scheme is 5 years and money cannot be withdrawn from it until one year after the account is opened. In this, you can open an account with just 1000 rupees.

The government has also increased the investment limit for account holders investing under the Post Office Monthly Savings Scheme (POMIS) . Earlier the investment limit for individual account holder was Rs 4.5 lakh, which has been increased to Rs 9 lakh. On the other hand, if we talk about joint account, then for this the maximum limit has been increased from earlier 9 lakhs to Rs 15 lakhs. This increase in investment limit is effective from 1 April 2023. Once invested, you can arrange fixed income every month under this scheme.

Investors are getting more benefit from increasing the investment limit in this scheme. As told, you cannot close the account for one year after opening it. On the other hand, if you close the Post Office Monthly Income Scheme account before three years, then a charge of 2 per cent is applied for it, whereas after 3 years and before 5 years, one per cent is charged for closing the account. A charge of Rs.

This is the calculation of the income of the month.

In this scheme of Post Office, income is guaranteed every month by lump sum investment and calculate the income every month, so if you invest Rs 5 lakh in it for five years. , then according to the interest you get at the rate of 7.4 percent, you will have an income of Rs 3,084 every month.

On the other hand, if we look at the maximum limit of individual account holder i.e. Rs 9 lakh, then the income per month will be Rs 5,550. Apart from the month, you can also take this interest income on quarterly, half-yearly or yearly basis.

Open an account like this in the nearest post office.

It is very easy to open an account under Monthly Income Scheme (MIS). For this you can visit your nearest post office and submit the application along with necessary documents to the post office.

Applicant can collect the account opening form from the post office and submit it along with KYC form and PAN card. In case of joint account holders also KYC documents have to be submitted. Meanwhile, keep in mind that while filling the form at the time of opening the account, all the information should be entered correctly.

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Its special thing is that there is no effect of market fluctuations on investment in this scheme. To get the benefit of this scheme, you have to invest only once in the account. Its maturity is of 5 years. That is, after five years you will start getting guaranteed monthly income.

MIS Calculator: Rs.2475 per year on deposit of 4.5 lakhs

According to the MIS calculator, if a person opens this account by depositing a lump sum of Rs 4.5 lakh, then he will have an income of Rs 29,700 annually for the next five years after maturity. That is, every month you will get 2475 rupees. At present, 6.6 percent annual interest is being received on the MIS of the post office.

Post Office MIS: Account can be opened with Rs.1000

The account can be opened with a minimum investment of Rs 1,000 in the POMIS scheme. This account can be opened both single and jointly. You can deposit a maximum of Rs 4.5 lakh in a single account and up to Rs 9 lakh in a joint account. According to India Post, interest is paid every month in MIS. Any Indian citizen can invest in the Post Office Monthly Income Scheme.

Maturity is five years

The maturity of Post Office MIS is five years, there may be premature closure. However, you can withdraw money only after completion of one year from the date of deposit. Nomination facility is available in MIS account. This scheme money is completely safe.

Things to keep in mind…

If you withdraw money between one year to three years, then 2% of the deposit amount will be refunded.
If you withdraw money at any time before maturity after 3 years of account opening, 1% of your deposit will be refunded after deducting it.
You can also transfer MIS account from one post office to another post office. On maturity i.e. completion of five years, it can be extended for a further 5-5 years.

Which documents will be needed

2 Passport size photograph
Aadhar card for ID proof or passport or voter card or driving license
for address proof, ID card or utility bill issued by the government will be valid.

By taking this document, you will have to go to the post office and fill the form of the Post Office Monthly Income Scheme. You can also download it online. Along with filling the form, the name of the nominee will also have to be given. To open this account, initially 1000 rupees have to be deposited through cash or cheque.

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There is no risk in investing

We are talking about National Pension Scheme. This is a government scheme, which is specially designed to give benefit to the elderly. There is no risk in investing in this scheme. This scheme was started in January 2004 for government employees. Later in 2009 it was opened to all categories of people. Under this plan, you have to invest for a long period in your working life. In this scheme, you have to invest 40 percent of the amount in the annuity. From the amount of annuity, you get pension later.

This way you will get 20 thousand rupees pension

If you want to invest in this scheme, then you can start it with an investment of only Rs 1000. People in the age group of 18 to 70 years can take advantage of this scheme. If you invest 1000 rupees a month in this scheme at the age of 20, then till retirement you will have a total corpus of Rs 5.4 lakhs.

There will be 10 percent return on this, this will increase this investment to 1.05 crores. If 40 percent of the corpus is converted into a year, then this prize will be Rs 42.28 lakh. Accordingly, assuming 10% annual rate, you will get a pension of Rs 21,140 every month. Along with this, you will get a lump sum amount of about Rs 63.41 lakh.

You will get these benefits

• if you invest in NPS, then 60 percent of the amount will be tax free on final withdrawal.
• The contribution limit in NPS account is 14%.
• The amount invested in the purchase of annuity is also fully exempt from tax.
• Any NPS subscriber can claim tax deduction up to 10% of the gross income under section 80CCD(1) of the Income Tax Act, subject to an aggregate limit of Rs. Under section 80CCE, this limit is 1.5 lakhs.
• Subscriber can claim additional deduction up to Rs 50,000 under section 80CCE.

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MIS Calculator: Rs 13,200 per year

According to the MIS calculator, if a person opens this account with a lump sum deposit of Rs 2 lakh, then he will have an income of Rs 13,200 annually for the next five years after maturity. That is, every month you will get Rs 1,100. In this way, you will get total interest of Rs.66,000 in five years. At present, 6.6% annual interest is being paid on the MIS of the Post Office.

Account can be opened with Rs 1000

The account can be opened with a minimum investment of Rs 1,000 in the POMIS scheme. Both single and joint account can be opened. You can invest a maximum of Rs 4.5 lakh in a single account and up to Rs 9 lakh in a joint account. Interest is paid every month in MIS. Any Indian citizen can invest in the Post Office Monthly Income Scheme.

It may have premature closure. However, you can withdraw money only after completion of one year from the date of deposit. According to the rules, if the money is withdrawn between one year to three years, then 2% of the deposit amount will be refunded. If you withdraw money at any time before maturity after 3 years of account opening, then 1% of your deposit will be refunded after deducting it.

POMIS: Know these rules also 

• In MIS, two or three people together can also open a joint account. 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.
• You can also transfer MIS account from one post office to another post office. 
• On maturity i.e. completion of five years, it can be extended for a further 5-5 years. 
• Nomination facility is available in MIS account. This scheme money is completely safe.

POMIS: How to open account

To open an MIS account, you must have aadhar card or passport or voter card or driving license for ID proof. You have to provide 2 passport size photographs. For address proof, ID card or utility bill issued by the government will be valid.

By taking this document, you will have to go to the post office and fill the form of the Post Office Monthly Income Scheme. You can also download it online. Along with filling the form, the name of the nominee will also have to be given. To open this account, initially 1000 rupees have to be deposited through cash or cheque.

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