Post Office Monthly Income Scheme: If you are interested in post office small savings schemes, then here is one such great scheme for you. These days investing in post office schemes provides better returns for the safety of money. In this new scheme, once the money is deposited, you will get the interest amount as pension every month. Also Read – Post Office Savings Scheme: Just invest Rs 10,000 every month and get returns of up to Rs 16 lakh on maturity.
And after the maturity of the plan, you will get a lump sum money in return. It is to be noted that the current interest rate of Post Office MIS is 6.6 per cent every year, which you can also withdraw on a monthly basis. Also read- Post Office Small Savings Scheme: What is Kisan Vikas Patra Scheme? Benefits, other details here
As per the update, a single account holder can invest an amount of 4.5 lakhs while the maximum limit for a joint account holder is Rs 9 lakhs. Notably, this post office savings scheme has a time limit of five years for the scheme to fully mature. Check details here: Also read- Post Office Savings Scheme: Invest just Rs.1000 in Kisan Vikas Patra and get double returns on maturity. details here
Post Office Monthly Income Scheme: Details
This account can be opened by a single adult.
In addition, a joint account of a maximum of three adults can be opened in a post office.
If a minor opens an account, the account holder needs to have a guardian.
However, a minor above the age of 10 years can have an account in his own name.
The account holder needs to have a minimum of Rs 1000 and multiples of Rs 100 to open an account.
A single account holder can invest up to Rs 4.40 lakh while a joint account can invest up to Rs 9 lakh.
However, the individual aggregate deposits and shares should not exceed Rs 4.50 lakh.
Post Office Monthly Income Scheme: Calculation
If an account holder has an amount of Rs 50,000 in his account, he will receive Rs 275 per month and Rs 3,300 per year for five consecutive years.
According to the MIS calculator, the individual will get an interest of Rs 16,500 over a period of five years.
If the account holder deposits Rs 1 lakh, he will get Rs 550 every month and Rs 6600 every year and Rs 33000 after five years.
At the same time, Rs 4.6 lakh will be given on Rs 2475 per month, Rs 29700 per year and Rs 148500 on interest.
Post Office Monthly Income Scheme: Interest
It is to be noted that the interest rate will be paid at the end of each month from the date of opening of the account.
However, if the account holder misses to claim the monthly interest, it will not pay any additional interest.
The excess deposit will be reimbursed along with the interest from the PO Savings Account.
Post Office Monthly Income Scheme: Account Closure
Account holders should be aware that deposits cannot be withdrawn before the one year time limit.
If the account holder closes the account after three years from the date of opening of the account, the account principal is to be deducted along with a deduction of 2% from the principal amount, and the balance amount will be paid.