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 The maturity period of this government scheme is 5 years and money cannot be withdrawn from it until one year after the account is opened.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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Various schemes are run in the post office from ordinary citizens to senior citizens. In such a situation, all the schemes are such that they mature in 5 years. If you want to withdraw money before their maturity, then you may have to bear some loss in the form of penalty.

Post Office Monthly Saving Scheme (Post Office MIS)

In Post Office MIS i.e. Monthly Income Scheme, you have to deposit a lump sum amount for 5 years. Through this, you can get a fixed amount every month for 5 years as income. After 5 years you get your money back. But if you need money before 5 years, then you have to pay penalty.

If you withdraw money between one year to three years, then 2% of the deposit amount will be deducted and returned. On the other hand, if the account is more than three years old but you want to withdraw money before 5 years, then after deducting 1% from the deposited amount, the deposit amount is returned to you.

Recurring Deposit Account

Post office recurring deposit account is also for 5 years. Investors of Recurring Deposit Account get the facility of withdrawal after 3 years. On premature withdrawal, you will get the benefit of the rate of interest as per the savings account only.

Senior Citizens Saving Scheme

In this post office scheme also you have to invest for 5 years. The deposit matures after 5 years from the date of opening the account. But if you have to withdraw money from it before five years, then penalty has to be paid. In this, 1.5% of the deposit amount is deducted for withdrawing money before completion of 2 years and 1% of the deposit amount is deducted as penalty for withdrawing money after 2 years.

PPF scheme (Public Provident Fund)

This scheme is of 15 years, but it has a lock in period of 5 years. But if after 5 years you can withdraw money with certain conditions and close the account. But 1% interest is deducted from the date of account opening till the date of closure.

Kisan Vikas Patra (KVP)

This scheme, which doubles the investment in 124 months, has a lock-in period of 30 months. In this scheme, if you withdraw money before 1 year, then you will not get any interest on it. According to the scheme, the investor will also have to pay a penalty for withdrawing money. Interest will be earned on withdrawing money between 1 year to 2.5 years, but the amount will be reduced. After 2.5 years, if the KVP is broken and the money is withdrawn, then no penalty will be imposed and the return will be given according to the interest rate prevailing at that time.

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