Are you looking for a good investment scheme where you can get good returns for all your hard-earned money? Then here’s something for you – Post Office Monthly Income Scheme (MIS). It is a very popular scheme and has been a hit ever since it was introduced. The maturity period for this scheme is 5 Years & as you complete 5 years, you will start getting an assured monthly income.
How to Invest in Post Office Monthly Income Scheme?
Eligibility:
To invest in this scheme, one has to have a savings account with the post office. And to open an account in the post office is very easy you can visit the nearest Post Office or download it from the official website: https://www.indiapost.gov.in/VAS/Pages/Form.aspx
An Adult, alone or jointly, a guardian (on the behalf of a minor) or a minor above 10 years of age can open an MIS account in their name. The minimum amount to open a bank account is Rs 1000 which you can pay by cash or cheque.
Documents required to open Post Office Account:
You will need to provide your Adhaar Card or passport or voter card or Driving License for ID proof and 2 passport size photographs.
More details about Post Office MIS:
Though the maturity period for the scheme is 5 years, it can be extended further for 5-5 years. Since this is a government-backed scheme, you do not need to worry about your money.
If anyone wants to withdraw the money before the maturity period, they can but only after one year.
If you withdraw money anytime after 3 years and before 5 years, then 1 percent of your deposit will be refunded after deducting it. The interest offered on this scheme is 6.6% currently.
MIS also provides for a joint account facility where 2-3 people can open an account together. Each member in the joint account will be able to take advantage of this scheme. A single account can also be converted to joint account.
There is an overall cap of Rs 4.5 lakh that cannot be exceeded across all MIS accounts of an individual. However, this does not include an account opened on the behalf of the minor.
Note: This article is to help and educate the people from the farming community to invest their money in the right places.
