But before planning for the future, it is necessary to understand the returns of both these schemes, so that the goals set for the coming days can be met.

post office monthly income scheme

First of all, let’s talk about the Monthly Income Scheme (MIS) of the post office. Earning is done every month by investing lump sum money in this scheme. This scheme matures in 5 years. The good thing is that the interest on MIS has increased to 7.1%.

MIS calculator

Lump sum investment: ₹1 lakh
Lock-in period: 5 years
Interest rate (annualised): 7.1%
Monthly income: ₹592
Interest earned in 5 years: ₹35,500

Special features of Monthly Income Scheme

A maximum of ₹ 4.5 lakh can be invested from a single account.
– You can invest a maximum of ₹ 9 lakh from a joint account.
Investment in the scheme can be started with a minimum of ₹ 1000 every month.

Senior Citizen Saving Scheme

Senior Citizen Savings Scheme (SCSS) is designed for Indian citizens above 60 years of age. It is run by the government. The deposit matures after 5 years from the date of opening the account. However, this period can also be extended for another 3 years. But the period can be extended only once. Interest of 8% is available annually on this.

SCSS Calculator

Lump sum investment: ₹1 lakh
Tenure: 5 years
Interest rate (per annum): 8%
Quarterly interest earning: ₹2000
Interest earning in 5 years: ₹40,000

Important things related to SCSS

– Investment in this scheme can be started from ₹ 1000 – You
can invest a maximum of ₹ 15 lakh in the
scheme – You can claim tax deduction of up to Rs 1.5 lakh under section 80C of the IT Act, 1961 in the scheme

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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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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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