Post Office Started Monthly Income Scheme. Free 10,000 Rs Will Be Credit on 1st Date Every Month.

The Post Office Monthly Income Scheme (MIS) is a popular investment option among those seeking safe and attractive returns. Backed by the Government of India, this scheme ensures security and offers an annual interest rate of 7.4%. Designed for investors who desire regular monthly income, the MIS is ideal for individuals, joint account holders, and even minors.

Key Features of Post Office Monthly Income Scheme

1. Investment Limits:

• A single account can hold a maximum of ₹9 lakh.
• Joint accounts (up to three adults) can hold up to ₹15 lakh.
• Accounts can be opened with a minimum deposit of ₹1,000.

2. Who Can Open an MIS Account?

• Minors: Children aged 10 years or above can open an account in their name.
• Adults: Individuals aged 18 years and above.
• Joint Accounts: Up to three adults can open a joint account, sharing equal ownership.
• Guardians: Parents can open an account on behalf of a minor.

3. Interest Earnings:

• The scheme offers an annual interest rate of 7.4%, disbursed monthly.
• Interest is directly credited to the account holder’s savings account.
• Unwithdrawn interest earns additional interest as per the post office savings account rate.

4. Maturity Period:

• The scheme matures in 5 years. Upon maturity, the account can be extended with revised interest rates.

Examples of Monthly Returns

For Joint Accounts:

• Investment: ₹15,00,000
• Annual Interest: ₹1,11,000
• Monthly Income: ₹9,250

For Single Accounts:

• Investment: ₹9,00,000
• Annual Interest: ₹66,600
• Monthly Income: ₹5,550

Benefits of Post Office Monthly Income Scheme

1. Higher Returns than Bank Fixed Deposits:
   MIS offers better returns compared to standard bank FDs.
2. Security and Reliability:
   As a government-backed scheme, it ensures complete safety of the principal amount.
3. Flexibility at Maturity:
   After 5 years, the investment can be withdrawn or renewed at prevailing interest rates.
4. Premature Withdrawal Facility:
   • Not allowed within the first year.
   • 2% penalty for withdrawal between 1-3 years.
   • 1% penalty for withdrawal between 3-5 years.

Why Choose Post Office MIS?

The Post Office MIS is an excellent choice for those looking for a low-risk investment option with guaranteed monthly income. It is especially beneficial for retirees, homemakers, or anyone needing a steady income stream.

Summary of Post Office Monthly Income Scheme