MIS Yojna: In India, majority of the population wants to invest a place where their money stays completely safe. Indian population always choose lower interest rates over risky investment with high returns. If you are also one of them who wants to have safer investments instead of riskier ones. We have an investment scheme for you, this post office scheme offers you a safe investment experience. The scheme offers great interest rates when compared to banks.
The new scheme comes from Post office in India, if you are the one who is a long-term investor, Post Office Monthly Income Scheme could be one of the best option available for you. Investors can get a fixed monthly income with the guarantee of safe investment. Check out details of the scheme below.
Investors Can Deposit Up to Rs. 15 Lakh in Joint Account
Investors can deposit a minimum amount of Rs. 1000 and a maximum amount of Rs. 9 lakhs in the POMIS scheme through a single account. Whereas, they can deposit the maximum amount of Rs. 15 lakh in a joint account. Post Office Monthly Income scheme is a great option for retired employees and senior citizens. In a joint, the scheme allows 3 people to deposit in the same account.
Investors can also deposit with the name of minor, but it has cap of the maximum amount of 3 lakh. In order to to deposit in this scheme, depoisters need to fill the POMIS form in the post office. Having a savings account in the post office is mandatory to avail the benefits of the scheme.
Post Office Monthly Income Scheme offers 7.4 percent of interest per annum which is way better than other financial schemes offered by major financial institutions in India. For registering with the scheme, investor will require their residential proof, identity card and 2 passport size photos.
- POMIS has a maturity period of 5 years and in case investor withdraws money before this period, he/she wil face losses.
- You can’t withdraw money in the period of one year.
- If an investor withdraws the amount before 3 years, 2 percent penaly needs to paid to the organisation.
- In case, the withdrawal takes place within 3 to 5 years, 1 percent amount of the investor will be deducted.