Post Office National Savings Monthly Income Account: The National Saving Monthly Income (MIS) scheme offered by the Post Office or India Post is a good option for Indians who want to save money and get good returns without risking their wealth. This policy caters to those who want to invest their money in a government-run scheme, which will guarantee assured returns. In addition, investors can get interest of around Rs 5,000 per month by putting their money in one Post Office MIS Account,
Post Office MIS Account Deposit Limit
One can open a single or joint account under Post Office MIS Scheme. The maximum investment limit is Rs 4.5 lakh for a single account and Rs 9 lakh for joint accounts. An individual can invest a maximum of Rs 4.5 lakh in MIS (including his share in joint accounts). For computing an individual’s share in a joint account, each joint holder has an equal share in each joint account.
Post Office MIS Calculator: How to earn Rs.5,000 per month?
In a tweet on December 13 last year, India Post urged citizens to invest in their National Savings Monthly Income Account. “Invest in National Savings Monthly Income Account (MIS) and get 6.6% p.a. interest every month.” This means that at present, the Post Office MIS (POMIS) offers an annual interest rate of 6.6 per cent.
If you invest Rs 9 lakh in a joint account under Post Office MIS, the total interest you will get in a year at the rate of 6.6 per cent will be around Rs 59,400. If it is to be divided by 12, that is, the number of months in a year, then your monthly income calculated through post office MIS will be Rs 4,950. However, it should be noted that this is applicable in the case of joint accounts. For single accounts, the interest will be Rs 2,475 per month once the deposit is halved.
How to open Post Office MIS Account?
To open a post office MIS account, you must have a savings account with the post office. Apart from this, you need to submit basic documents including proof of identity like Aadhar, Voter card and choice, two passport size photographs and one address proof.
Interested investors who wish to open an MIS account should note that the minimum amount required to open an account is Rs 1,000. Thereafter the deposit should be in multiples of Rs 1,000 as per post office guidelines. This rule has come into force from 1st April 2020.
Post Office MIS account is available to a resident Indian only. Any adult can open his/her account at the nearest post office by submitting the required documents. POMIS accounts can also be opened for minors who are 10 years of age or more. At the age of 18, they will be able to take advantage of this.
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