Post Office Monthly Income scheme is a lucrative investment plan available for a duration of five years. Investors can earn great returns on their monthly investments. The annual rate of Post Office MIS interest rate on this plan amounts up to 7.6% and offers you a fixed source of monthly income. You can avail the benefits of this scheme across different post offices within India.
What are the benefits of investing in a Post Office Monthly Income scheme?
Are you searching for a secured investment option with minimal risks and decent returns? It’s time to enquire about the Post Office MIS interest rate. Investors residing in urban areas aren’t aware of the Post Office Monthly income scheme. People who want to park their income or generate monthly incomes often rely on options such as investments in debts, equity, or fixed deposits.
Although the monthly income scheme available in Indian post offices aren’t popular among people living in metro cities, this scheme offers a plethora of advantages to its investor. Post offices are one of the most relevant financial bodies and banking service provides across India. Governed by India’s Ministry of Finance, it is considered safe and well-regulated when compared to other investment sources.
MIS or Monthly Income Scheme is a kind of investment scheme that guarantees up to a 7.6% interest rate per annum. The high Post Office MIS interest rate is one of the major reason investors are considering it one of the most reliable schemes. Investors can acquire these returns in the form of a fixed monthly income. MIS is considered one of the best investments where investors can invest their funds and reap three major benefits:
- It helps to ensure the capital is intact and profit yielding
- The best source of fixed monthly income for consumers
- Offers lucrative returns when compared to debt-based instruments
What are the basic features Post Office Monthly Income Scheme?
The scheme reaps the following benefits for those who opt for it:
- Minimum limit: The POMIS scheme requires the investors to deposit upto Rupees 4.5 lakh. Although investors can invest in the scheme in several post offices at the same time, the amount of total deposits should not be more than Rupees 4.5 lakhs. Joint account holders should invest within the specified budget only. In case of a minor account, the amount should not exceed Rupees 3 lakhs. The minimum limit of the investment amount is upto Rupees 1,500 in case of all individuals.
- Lock-in period: individuals who opt to invest in a MIS scheme in an Indian Post office aren’t allowed to revoke the deposited amount before the completion of the lock-in period. The duration of the lock-in period is five years.
- Eligibility and residential status: from the perspective of residential status, almost all Indian citizens have the autonomy to register for a POMIS account. Non-resident Indians or NRIs aren’t eligible for this scheme.
- Joint account: The POMIS allows individuals to open a joint account (the maximum limit is three people). Investors under POMIs joint accounts hold equal rights on the accounts opened by them. In case of a joint account, the maximum limit amounts upto Rupees nine lakh. The single limit is upto Rupees 4.5 lakh.
Saving Account Interest Rate Policy
Savings account is one of the commonly opened bank accounts by individuals. Individuals earn a certain rate of interest on the money deposited by them. Saving account interest rate can range somewhere between 2.70% to 6.00%. However, the interest rate can vary as per the nature of savings account and the minimum bank account balance.
Conclusion If you’re looking for a way to double your monthly income in a risk-free manner, it’s time to invest your money in a post office monthly scheme. The post office MIS interest rate is fixed. The saving account interest rate of banks are usually lower than the interest rates offered by POMIS.
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