Post Office National Savings Monthly Income Account: The Post Office is one of the most preferred options for the salaried middle class in India, who want to look for investing in risk free options that offer good returns. Recently, the government has announced the rates for small savings schemes, including the Post Office National Monthly Income Account, or MIS, which is one of the most popular schemes. While the government has kept the rates unchanged at 6.6 per cent, it is still higher than several bank fixed deposit rates.
The post office national savings monthly income account, or post office MIS is one of the best options investors might find in the market to invest in, given its high amount of returns. The Post Office Monthly Income Scheme guarantees fixed returns to investors at the rate of which the money was invested initially. This means that investors need not worry about varying interest rates even if the same are cut down at a later stage.
Post Office MIS: Minumum Deposit Amount
Interested investors who want to open an MIS account must note that the minimum amount for opening of the account is Rs 1,000. The deposits thereafter has to be in multiples of Rs 1,000, as per the guidelines of the Post Office. This rule has come into effect from April 1 2020. The maximum investment limit is Rs 4.5 lakh for a single account and Rs 9 lakh for joint accounts. An individual can invest maximum INR 4.5 lakh in MIS (including his share in joint accounts). For calculation of share of an individual in joint account, each joint holder have equal share in each joint account.
Can Children Have Post Office MIS Account?
A Post Office MIS account can be opened by a guardian on behalf of minor, while a minor above 10 years can open the account in his or her own name. With the interest received each month, parents can pay the school fees of their children or can use it for other areas for their child’s well being as well.
Post Office MIS Monthly Interest Calculation
If you want to open a single account and deposit Rs 2 lakh in the account, then at the current rate of annual interest, you will get an amount of Rs 1,100 every month. On the other hand, if you invest Rs 3.50 lakh in the child’s name, you will get an interest of Rs 1,925. If you deposit the maximum amount of Rs 4.5 lakh, an interest of Rs 2,475 will be payable each month. However, it must be noted that interest is taxable in the hand of depositor. The Post Office MIS account can be be closed on expiry of five years from the date of opening by submitting prescribed application form with pass book at concerned Post Office.