If you are a Post Office scheme’s lover, then this article is for you. Over the years, Post Office has run a variety of small savings schemes. If you want to earn monthly by investing once, then the Post Office Monthly Income Scheme (POMIS) will be right for you. By investing in this government scheme, you can get regular income every month. The duration of this scheme is 5 years.
The interest rates of postoffice schemes are reviewed every quarter. In the third quarter (October-December) of the current financial year, the post office monthly income scheme is being paid an annual interest rate of 7.4 percent.
Minimum deposit Rs 1000
The minimum deposit in the Post Office Monthly Income Scheme is Rs 1,000. It can be invested in multiples of Rs 1000. The maximum deposit limit for a single account is Rs 9 lakh. The maximum deposit limit for a joint account is Rs 15 lakh.
Post Office MIS 2024 Calculation
In this scheme, a maximum deposit of Rs 9 lakh is allowed in a single account. There will be an income of Rs 5,550 per month on this deposit. A maximum deposit of Rs 15 lakh is allowed in a joint account. There will be an income of Rs 9,250 per month on this. The returns from this scheme remain fixed for 5 years.
Investment: Rs 15 lakh.
Annual interest rate: 7.4%.
Tenure: 5 years.
Interest earnings: Rs 5,55,000.
Monthly income: Rs 9,250.
Pre-mature closure rules
If you need to withdraw money before maturity in the Post Office Monthly Income Scheme, then you get this facility after one year. In the event of pre-mature closure, you have to pay a penalty.