The Post Office offers a variety of programmes where you can invest money and receive returns each month. One of these is the Post Office Monthly Savings Scheme (Post Office MIS), where the government gives you money each month. You receive the benefit of interest in addition to the assurance of income in this. People still regard the post office as the finest investment opportunity today. Investors’ money is secure in this programme because it is a government initiative.
You may open a single or joint account.
With the Post Office Monthly Savings Scheme, you are able to open a joint or a single account. You can start investing in this with simply a thousand rupees and you can invest up to Rs 4.5 lakh in a single account. When you open one, and up to Rs 9 lakh in a joint account.
Post Office Monthly Scheme (POMIS)
- Any Indian citizen may invest in the Post Office Monthly Scheme (POMIS), which also allows for the opening of joint accounts by two or three individuals.
- The money obtained in exchange for the account is divided equally among the members and the joint account may be changed at any time into a single account.
How much will you be given interest?
The monthly income scheme benefits from interest at the rate of 7.7% per year, per the information provided by India Post. Please let people know that these prices are effective as of April 1, 2023. You get compensated for it each month.
The age of maturity is five.
The post office’s MIS is five years old. Although it can be prematurely closed if you so choose. However, you can only withdraw money when a full year has passed since the date of deposit. 2% of the deposit amount will be removed and reimbursed if you withdraw money between one and three years. Additionally, this programme may be extended for an additional five years after the initial five have passed.
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