Post Office Scheme: Indian Post Office provides people with the opportunity to invest in all its branches across the country. In such a situation, the Indian Post Office has launched many such investment schemes. Which gives higher and safer returns than investments made elsewhere. We will tell you that the working class of the country invests most in the post office schemes. The biggest reason behind this is that even a small amount of money gets an opportunity to invest in the post office. Along with this, the post office gives the highest interest compared to banks and other institutions.
In such a situation, if you are also thinking of investing in the post office schemes, we will tell you the Monthly Investment Plan (MIS) of the Post Office. In which you can get Lakhs of rupees as return by investing 1 thousand rupees every month.
Who can invest in Post Office Monthly Investment Plan (MIS)?
Any Indian citizen can invest in the MIS scheme of the Post Office. The account holder should be at least 18 years of age to open a monthly investment plan account. Apart from this, a person can become the holder of a maximum of 3 accounts simultaneously. In this scheme, you can also open an account in the name of children above ten years. But its benefit is available only after the age of 18 years.
How to invest in MIS?
In this post office scheme, we can deposit a lump sum amount under a single or joint account. Which can range from Rs 1 thousand to Rs 4 lakh 50 thousand. According to that amount, money keeps coming into your account every month. This scheme is for 5 years. That is, its lock-in period is five years. Which can be further extended for another 5 to 5 years.
Maturity Period of MIS Post Office scheme?
Your investment in this scheme is locked for five years. Which you can close after five years, or you can carry forward for five years. At the same time, if the account holder dies during this time, the money is given to the nominee after closing the account.
How to close an account before the maturity period?
You cannot withdraw your investment in the MIS scheme of the post office for one year. If you withdraw money between 1 to 3 years. Then the money is returned after deducting 2% of the principal amount. On the other hand, if you withdraw the investment between 3 to 5 years. Then the money is returned after deducting 1 percent of the principal amount.
This percentage of interest is available on MIS?
The government has fixed a 6.6 percent annual interest rate for the Post Office Monthly Income Scheme. If an investor has invested Rs 9 lakh in this through a joint account, then his annual interest at the rate of 6.6 percent is Rs 59,400. In this sense, your monthly interest amount comes to Rs 4,950. Which you can take every month. Along with this, you can also claim the exemption in income under section 80C of Income Tax.