Post Office Monthly Incomes Scheme: If you are interested in post office small saving schemes, here is one such wonderful plan for you. These days, investment in post office schemes provides a better return for the security of money. In this new scheme, once you deposit money, you will receive an interest amount in the form of a pension every month.
And after the scheme matures, you will get one-time money in return. It must be noted that the current interest rate of Post Office MIS is 6.6 percent each year, which you can withdraw on monthly basis as well.
As per updates, a single account holder can invest an amount of 4.5 lakh whereas the joint account holder has a maximum limit of Rs 9 lakh. Notably, this post office saving scheme has a time limit of five years for the fully mature scheme. Check details here:
Post Office Monthly Incomes Scheme: Details
This account can be opened by a single adult.
Moreover, a joint account of up to three adults can be opened in the post office.
If a minor opens an account, the account holder needs to have a guardian.
However, a minor above 10 years old can have an account in his own name.
The account holder needs to have a minimum of Rs 1000 and multiples of Rs 100 are needed to open an account.
A single account holder can invest up to Rs 4.40 lakh while a joint account can do up to Rs 9 lakh.
The individual total deposits and shares, however, should not exceed Rs 4.50 lakh.
Post Office Monthly Incomes Scheme: Calculation
If an account holder has an amount of Rs 50,000 in his account, he/she will receive Rs 275 per month and Rs 3,300 per year for the five consecutive years.
According to the MIS calculator, the individual will receive Rs 16,500 interest in a span of five years.
If the account holder deposits Rs 1 lakh, he will perceive Rs 550 per month and Rs 6600 each year and Rs 33000 after five years.
On the other side, Rs 4.6 lakh deposit will give Rs 2475 per month, Rs 29700 per year, and Rs 148500 on interest.
Post Office Monthly Incomes Scheme: Interest
It must be noted that the interest rate will be paid at the end of each month from the date the account is opened.
However, if the account holder missed claiming the monthly interest, then it won’t generate any extra interest.
The excess deposit will be reimbursed with PO savings account interest.
Post Office Monthly Incomes Scheme: Closure of account
The account holders must know that the deposits cannot be withdrawn before a time limit of one year.
If the account holder closes the account three years from the date of opening, the account principal with a 2% reduction from the principal amount is to be deducted, and the balance will be paid.
Get real time update about this post directly on your device, subscribe now.