Although there are many investment options available in the market, but even today people prefer to invest in small savings schemes of post office. Today we are telling you about a scheme by investing in which you can get guaranteed returns every month after retirement. The name of this scheme is Post Office Monthly Income Scheme. After retirement, if you want to get a fixed amount every month like pension, then this scheme can be a better option for you. We are telling you about the details of the monthly income scheme.

Know the details of Monthly Income Scheme-

Under the Post Office Monthly Income Scheme, you can get huge returns by investing lump sum. Under this scheme you can open a single or joint account. Under joint account, two or three people can open an account together. Any person above 10 years of age can open an MIS account. Under this scheme you can invest from Rs 1,000 to Rs 15 lakh. The maximum limit of investment in a single account is Rs 9 lakh.

This much interest rate is available under the scheme-

The government decides the interest rates of small savings schemes from time to time. These rates are applicable on every quarterly basis. The third quarter of the financial year 2023-24 is getting the benefit of interest at the rate of 7.40 percent. For example, if you invest Rs 15 lakh in this scheme, you will get Rs 9,250 as interest every month. You can withdraw this interest on every month, three months, six months or yearly basis. In such a situation, you can get a total of Rs 5,55,000 as interest in five years.

Account can be closed before maturity

It is worth noting that under the Post Office Monthly Income Scheme, you can invest your money for a total of 5 years. Under this scheme you can extend your investment for 5-5 years. At the same time, if you want to close your account before 5 years, then you can do so. If you close your MIS account between one and three years, 2 percent of your total amount will be deducted. Whereas between 3 to 5 years, 1 percent of the total amount will be deducted.

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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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