Post Office Monthly Income Scheme (Post Office MIS): If you are looking for investment scheme options for guaranteed returns, then you can also invest in Post Office scheme. In this scheme you can avail high returns without any risk.

Investors also get guaranteed returns in Post Office Monthly Income Scheme (Post Office MIS). In this scheme you can open single or joint account.

Apart from this, in this scheme you do not have to invest repeatedly i.e. you have to invest in lump sum. At present the annual interest rate in this scheme is 7.4 percent.

How to open account in Post Office MIS

You can open an account by going to your nearest post office. To open an account you have to fill the KYC form and attach a copy of PAN card.

If you open a joint account, you will also have to attach the PAN card of the other member.

Know about Post Office Monthly Income Scheme here

• In this scheme the person gets interest every month. As soon as the investor opens the account and till the account matures
• Interest is added at the end of every month.
• The interest in this scheme is revised every quarter.
• The tenure of this scheme is 5 years.
• The investor cannot make any withdrawal from the account for 1 year after the account is opened.
• If the investor closes the account before 3 years, an amount of 2 percent is deducted from the principal amount. There is a deduction of 1 percent on closing the account after 3 years.
  In this scheme, you can invest a maximum of Rs 15 lakh and a minimum of Rs 1,000 in an account.

Post Office MIS Calculator

If you have invested Rs 5 lakh in the post office scheme, then you will get interest income of Rs 3,083 every month at the rate of 7.4 percent interest. If you calculate in this way, you will get interest income of Rs 36,996 in one year.

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1. Mahila Samman Saving Scheme

Mahila Samman Savings Scheme 2023 (Mahila Samman Savings Certificate) of the Government of India is a small savings scheme especially created for women. The purpose of starting this scheme is to develop the habit of saving among Indian women. There is no age limit to take advantage of the scheme but you must live in India. There is tax on the interest received in this scheme. It simply means that you will not get any exemption on this like tax saving FD. TDS will be deducted on the interest received from Mahila Samman Saving Scheme depending on the tax slab (tax category) of each person and the interest income.

2. In National Savings Time Deposit Account
Post Office, you can open a time deposit account for one, two, three or five years. If you want, you can increase this period further later. For this you will have to fill a form in the post office. For your information, let us tell you that 6.9% interest is available on this account for one year, 7.0% for two years and 7.1% for three years. Under this, you can get income tax exemption on time deposits of five years in the post office. Under the Income Tax Act 1961, tax exemption is available on investment up to Rs 1.5 lakh on a time deposit of five years. But it is not available for an investment less than this.

3. National Savings Recurring Deposit Account:
In this guaranteed scheme of the post office, you get interest of 6.7% on annual basis for 5 years. In this you also get the benefit of compound interest every year. The special thing about this scheme is that in this you can open an account either alone or together. The good thing about this is that you can take advantage of this scheme by depositing at least Rs 100 or its multiple every month. There is no limit on deposit in this.

4. Kisan Vikas Patra
You will not get income tax exemption even on Kisan Vikas Patra. Many people have this confusion that they get tax benefits on the investments made under this. The annual interest on the amount deposited in Kisan Vikas Patra is taxable as ‘Income from other sources’. The good thing is that TDS is not deducted on the money withdrawn after maturity. However, despite not getting tax exemption, Kisan Vikas Patra is definitely a safe investment option.

5. Post Office Monthly Income Scheme

Post Office Monthly Income Scheme can be a good option for investment. You can invest in it starting from Rs 1,500 to a maximum of Rs 9 lakh. You can invest up to Rs 15 lakh in a joint account. You will get 7.4% interest every year, but it is taxed. This investment does not come under Section 80C of the Income Tax Act 1961. TDS is deducted on interest more than Rs 40,000, for senior citizens the limit is on interest more than Rs 50,000.

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Post Office Saving Schemes: If you also invest in Post Office or any other saving scheme for tax saving, then this news is useful for you. In such a situation, it is important for you to know that you do not get tax benefits on all investments made in post office. Actually, many such investment schemes have been started by the government, on which you get good returns but you do not get tax benefit on investment under Section 80C of the Income Tax Act 1961. Let us talk about such schemes in detail-

1. Mahila Samman Saving Scheme

Mahila Samman Savings Scheme 2023 (Mahila Samman Savings Certificate) of the Government of India is a small savings scheme especially created for women. The purpose of starting this scheme is to develop the habit of saving among Indian women. There is no age limit to avail the benefit of the scheme but it is necessary for you to live in India.

There is tax on the interest received in this scheme. It simply means that you will not get any exemption on this like tax saving FD. TDS will be deducted on the interest received from Mahila Samman Saving Scheme depending on the tax slab (tax category) of each person and the interest income.

2. National Saving Time Deposit Account

You can open a time deposit account in post office for one, two, three or five years. If you want, you can increase this period further later. For this you will have to fill a form in the post office. For your information, let us tell you that 6.9% interest is available on this account for one year, 7.0% for two years and 7.1% for three years.

Under this, you can get income tax exemption on time deposits of five years in the post office. Under the Income Tax Act 1961, tax exemption is available on investment up to Rs 1.5 lakh on a time deposit of five years. But it is not available for an investment less than this.

3. National Savings Recurring Deposit Account

In this guaranteed scheme of the post office, you get 6.7% interest on annual basis for 5 years. In this you also get the benefit of compound interest every year. The special thing about this scheme is that in this you can open an account either alone or together. The good thing about this is that you can take advantage of this scheme by depositing at least Rs 100 or its multiple every month. There is no limit on deposit in this.

4. Kisan Vikas Patra

You will not get income tax exemption even on Kisan Vikas Patra. Many people have this confusion that they get tax benefits on the investments made under this. The annual interest on the amount deposited in Kisan Vikas Patra is taxable as ‘Income from other sources’. The good thing is that TDS is not deducted on the money withdrawn after maturity. However, despite not getting tax exemption, Kisan Vikas Patra is definitely a safe investment option.

5. Post Office Monthly Income Scheme

Post Office Monthly Income Scheme can be a good option for investment. You can invest in it starting from Rs 1,500 to a maximum of Rs 9 lakh. You can invest up to Rs 15 lakh in a joint account. You will get 7.4% interest every year, but it is taxed. This investment does not come under Section 80C of the Income Tax Act 1961. TDS is deducted on interest more than Rs 40,000, for senior citizens the limit is on interest more than Rs 50,000.

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People adopt many ways to invest. Post office is also included in these methods. The post office runs many types of schemes, with the help of which people can invest. These include the Post Office Savings Bank Scheme (Post Office Savings Account). In this people can keep their savings safe. At the same time, now people can also check their account details online and can also get information about their account statement online.

e-passbook facility

The Government of India has started the e-passbook facility for the Post Office Savings Bank Scheme. After the introduction of this facility, post office savings account holders will be able to access their post office savings bank account passbook online. With the introduction of the e-passbook facility, the Post Office Savings Bank Scheme is expected to become more digitized as account holders will be able to access the statement of transactions for any period of their choice.

You can see the statement yourself

Earlier people were limited to mini statements only. Now a post office savings account holder will be able to access their account details themselves and now they do not need to go to the post office for the same. Hence, after the launch of this ‘e-passbook facility’, post office savings bank account holders will have access to their entire bank passbook instead of just the mini statement. In such a situation, it can be checked online by following some steps.

Follow this step– Log in to the Post Office app,

– Go to Mobile Banking.
– Fill in your account information.
– Click on ‘Go’ button.
– You will be redirected to the post office account dashboard.
Here you will get the option to check balance and statement.
Click on Statement.
You will get the option of Mini Statement and Account Statement.
Click on the statement option.
– Select the period for which you want to view your post office account passbook details.
Download the statement or save it for future reference.

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