Post Office MIS: If you’re looking for a safe investment option that offers a steady monthly income, the Post Office Monthly Income Scheme (MIS) could be the right choice for you. Let’s break down the basics of this scheme and see how it can benefit you.
What is Post Office MIS?
Post Office MIS is a scheme offered by the Indian Post Office that allows individuals to invest a certain amount and receive a fixed monthly income in return. It’s popular among investors who prefer guaranteed returns and are averse to taking risks.
Key Features of Post Office Monthly Income Scheme
- Single or Joint Account: A single adult can open a single account, while up to three adults can open a joint account. Additionally, guardians can open accounts on behalf of minors or individuals of unsound mind.
- Minimum and Maximum Investments: You can start with a minimum investment of Rs. 1000, and invest in multiples of Rs. 1000. The maximum investment allowed is Rs. 9 lakh for a single account and Rs. 15 lakh for a joint account.
- Interest Rate: The scheme offers a fixed interest rate of 7.4% per annum, payable monthly.
- Tax Implications: The interest earned is taxable, and if the interest is not claimed at the end of the month, it will not earn any additional interest.
- Maturity Period: The scheme has a maturity period of five years, during which the accountholder receives a monthly income. After five years, the invested amount is returned.
- Nominee/Heir Benefits: In case of the accountholder’s demise before the maturity period, the account can be closed, and the deposited amount will be returned to the nominee/legal heirs, along with interest paid up to the preceding month.
Documents required
- ID proof: Aadhaar card, passport, voter ID card, or driving license
- Two passport-size photographs
Disclaimer: (This information is provided solely for informational purposes. It is important to note that investing in the market or a business idea involves market risks. Before investing money as an investor/ owner/ partner, always consult an expert. DNP News Network Private Limited never advises to invest money on stocks or any specific business idea. We will not be liable for any financial losses.)