Through the monthly income scheme of the post office, you can increase your income every month. In this, you can earn a lump sum or get returns every month.
Post office schemes
In this era of epidemic, nowadays everyone needs money. Also, people want to protect their future. In such a situation, if you also want to invest, then the monthly income scheme (MIS) of the post office can be beneficial for you. It can be invested with just 1000 rupees. You get the facility to open both joint and single accounts in it. Through this scheme you can get up to 5 thousand rupees every month. So how to get the account opened and what is the specialty of the scheme, know the complete details.
Get a fixed amount every month by depositing lump sum
You can arrange monthly income for yourself by depositing lump sum in the post office MIS. The specialty of the scheme is that after the scheme matures, you will get your full money back. The account can be opened with a minimum of 1000 rupees for investment in the scheme. If your account is single, you can deposit up to Rs 4.5 lakh. At the same time, up to a maximum of 9 lakh rupees can be deposited on a joint account.
Facility to open an account in the name of children as well
In this scheme, accounts can also be opened in the names of children. However, parents or guardians will have to be supervised for this. Later, when the child is 10 years old, he can run the account himself. He will be fully responsible for it when he attains majority. You can contact the nearest post office to open an MIS account.
Special things related to the scheme
The duration of maturity in an MIS account is 5 years. If you want, you can extend it after every 5 years. If you want to withdraw money before the maturity period, then it is necessary to have an account of one year old. In return, a fee of 2 percent will be charged from your deposit. At the same time, after withdrawing money after 3 years, 1 percent fee will be deducted.
How will you get 5 thousand every month
Right now 6.6% interest is being given under this scheme. If you invest 4.5 lakh rupees under a single account, then now you will get 29700 rupees annually according to the current interest rate. At the same time, if you invest 9 lakhs under a joint account, then you will get 59,400 years of interest. That is, you will get a return of 4,950 rupees every month.
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