Post Office Scheme: A single account may only have a maximum deposit of Rs 9 lakh under the Post Office Monthly Income Scheme. A joint account’s maximum is Rs 15 lakh at the same time. Right now, the annual percentage rate is 7.4%. However, following the five-year maturity period, the entire principle amount may be withdrawn. It is tenable for an additional five years. There will be a choice to either renew the programme or withdraw the principle sum every five years. Your post office savings account receives a monthly payment of interest from the account.
Guaranteed Monthly Income
The Post Office Monthly salary Scheme ensures a guaranteed monthly salary. Assume that a joint account has been opened by the husband and wife, with a deposit of Rs 15 lakh. On this, interest is earned at a rate of 7.4% annually, or Rs 1,11,000. You will receive an income of Rs 9250 each month if you divide it over a period of 12 months. In MIS, two or three individuals may open a joint account in accordance with Post Office regulations. Each member receives the same amount of money in their account. Anytime can be used to convert a joint account into a single account. It is also possible to convert a single account to a joint account.
Eligibility for the Post Office Monthly Income Scheme
Any national can register for the Post Office Monthly Income Scheme and open an account. It is also possible to open an account in the child’s name. The child’s parents or legal guardian may open the account in his name if he is younger than ten years old. The child may be eligible to take control of the account on his own when he turns ten years old. Let us inform you that in order to have a MIS account, you need to have a post office savings account. Aadhar and PAN cards must be shown as identification proof.
Maturity Period of the Post Office Monthly Income Scheme
The MIS has a five-year maturity period, after which it may close too soon. But, you are only able to take money out when a full year has passed after the date of the deposit. In line with the guidelines, A deduction of 2% of the deposit amount will be made and refunded if the money is withdrawn between the first and third year. After three years of account inception, 1% of your deposit will be withdrawn and reimbursed if you withdraw money before the account matures.