Post Office Monthly Income Scheme : How to apply online benefits eligibility step by step

Post Office: The Monthly Income Scheme (MIS) of the post office gives you a chance to earn every month.

If you want to invest big money with less risk, then this scheme can be a better option.

Post Office Monthly Income Scheme: Post office savings schemes are considered quite safe in terms of investment. The Indian Postal Department (Post Office) keeps launching different schemes from time to time keeping in mind the needs and investment of its customers. After completion of the maturity period in the post office scheme, customers receive a hefty amount in the form of interest. Today we are going to tell you about a special and wonderful scheme of the post office, in which you will be able to make an income of 5100 rupees every month by investing. The biggest thing is that through this scheme you will be able to earn guaranteed profits.

The Monthly Income Scheme (MIS) of the post office gives you a chance to earn every month. If you want to invest big money with less risk, then this scheme can be a better option. Under this scheme, customers can deposit at least Rs 1000. It also has the facility to open a joint account, through which your profit can be doubled. At present, under the monthly income scheme of the post office, interest is being received at the rate of 6.6% per annum.

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Know how you will earn 5100 rupees

Under the scheme, returns are calculated according to the annual interest on your total deposits. The total return is on an annual basis, so it is divided into 12 parts per month. You can call this part in your account every month. If you do not need it on a monthly basis, then adding this amount to the principal also gives interest on it. Suppose a husband and wife have invested 9 lakh rupees in the joint account under this scheme. The annual return will be Rs 61,200 at 6.6 percent interest rate on deposits of Rs 9 lakh. If it is distributed in every month, then this month will be 5100 rupees. That is, every month 5100 rupees will come in your pocket. At the same time, your principal will be completely safe. If you want, you can extend the scheme after 5 years and for 5-5 years.

The maturity period is the fixed year

The maturity period in this scheme is determined by the Pance Year. On the other hand, if you want to withdraw money before maturity, then you also get the facility on completion of 1 year of the account. Monthly income scheme customers minimum investment is Rs 1000 and maximum investment is Rs 4.5 lakh. If someone opens a single account, then the maximum investment in this is 4.5 lakhs. The maximum investment under the Joint Account is Rs 9 lakh.

Big benefits are available in this scheme

The monthly income scheme of the post office also has many big advantages. Under this post office scheme, your deposits are always retained. You get better returns than a bank FD or debt instrument. With this, you keep a fixed income every month and then on completion of the scheme, you get your entire accumulated capital, which you can invest in this scheme again and maintain a monthly income.

Know who can open an account

You can also open an account with your child’s name. If the child is less than 10 years old, an account can be opened in his name on behalf of his parents or the Legal Guardian. When the child is 10 years old, he can also get the right to operate the account himself. At the same time, he gets the responsibility himself after being an adult.

How much money have to be put

Anyone can open a monthly investment scheme account. If you have a single account, you can deposit up to Rs 4.5 lakh. An amount of at least 1000 rupees can be deposited in it. On the other hand, if your account is a joint, then a maximum of Rs 9 lakh can be deposited in it. A person can open an account more than one but as per the limit fixed by the post office.

Withdraw money before maturity…

If you have to withdraw all the money before maturity on any need, then you get this facility on completion of 1 year of the account. If the account is older than 1 year to 3 years from the date of opening the account, you get the remaining amount back by deducting 2 percent from the amount deposited in it. If the account is more than 3 years old, you get 1% of the amount deposited in it and the rest is returned to you. There is no benefit of any tax rebate on the amount deposited in it and the interest you get from it. However, the post office does not deduct any kind of TDS on the income you earn from it, but the interest you get on the monthly is included in your taxable income on the annual total.

How to open an account?

You can open an account at any post office as per your convenience. For this, you will have to submit a photo copy of one of the Aadhaar card, Voter ID, PAN card, ration card, driving license. Apart from this, address proof has to be submitted, in which your identity card can also be used. Apart from this, you have to submit 2 passport size photographs.