By investing in this government scheme, money will come into your account every month, what is the interest rate? | Post Office Monthly Income Scheme By investing in this government scheme, money will come into your account every month, what is the interest rate?

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Kisan Vikas Patra

New Delhi: Post Office Monthly Income Scheme: If you are planning to invest in the future, you can avail this facility in Post Office Savings Plans. You will definitely get good returns in these plans. Also, the money invested in it will be completely safe. If the bank defaults, you will only get back Rs 5 lakh. But not so at the post office. In addition, investing in post office savings plans can be started with a very small amount. Post office small savings plans also include a monthly income plan (MIS). If you invest in this plan, you will have the opportunity to earn every month. This will add a certain amount to your account every month. Give us detailed information about Post Office Monthly Income Plan (MIS).

What exactly is an interest rate?

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The post office’s monthly income plan is currently earning an annual interest rate of 6.6 per cent. Interest will be paid on a monthly basis.

The amount of investment

This post office scheme can be invested in multiples of Rs. The maximum investment in an account is Rs 4.5 lakh and in a joint account it is Rs 9 lakh. The scheme can get a maximum of Rs 4.5 lakh. (This includes his share in the joint account.) Each joint holder will have an equal share in the joint account.

Who can open an account?

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In the Post Office Monthly Income Plan, a joint account can be opened in the name of an adult, a total of 3 adults, a parent on behalf of a minor or a person with a weak mind and a minor over 10 years of age.

What is the maturity of the account?

The account can be closed at the end of five years from the date of opening the account. In order to close the account, the appropriate application along with the passbook has to be submitted to the concerned pass office. If the account holder dies prematurely, the account can be closed and the amount is returned to his nominee or legal heir. Interest will be paid before the month in which the refund is made.

Premature account closure

No amount will be withdrawn before the end of one year from the date of deposit.
If the account is closed one year after the date of opening and three years ago, 2% of the principal will be deducted and the balance will be paid.
If the account is closed after three years and five years before the date of opening, 1 per cent of the principal will be deducted and the balance paid.
The account can be closed before maturity by filling up the appropriate application along with the passbook at the concerned post office.

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