The government offers a variety of savings programs to encourage people to save money and provide them with a safe investment alternative. Some of India’s most well-known savings programs include the Public Provident Fund, National Savings Certificate, Sukanya Samriddhi Yojana, Senior Citizen Savings Scheme, and Kisan Vikas Patra (KVP).
One such government-supported reserve funds program in India that offers its investors a set month to month pay is the National Savings Monthly Income Plan Account. It is available at all of the country’s post offices and is provided by the Department of Posts of the Ministry of Communications.
Save for the Post Office Monthly Income Scheme (MIS) The POMIS Account (Post Office Monthly Income Scheme Account) is a well-known savings program offered by the Post Office. It is a savings plan with low risk, a fixed interest rate, and investors get a steady income stream.
Characteristics of the Post Office Monthly Income Plan:
- Minimum of Rs. 1000 and products of that. You can put in as much as Rs. Rs. 9 lakhs and a single account 15 lakhs in a joined record.
- Under this system, a depositor may open more than one account, subject to the maximum amount that can be invested in a single or joint account.
- A guardian may also open an account on behalf of a child or mentally incapacitated person.
- The account may be cancelled prematurely with a penalty of 2% after one year but before three. Assuming the account is shut before the three-year time frame has elapsed, 1% of the underlying deposit will be taken out.
- Represent the Post Office Month to month Pay Plan: An initial deposit of Rs. 1000, followed by Rs multiples. 1000 can be utilized to begin an account.
- The maximum amount that can be put into a single account is Rs. 9 lakh, whereas a joint account can contain as much as Rs. 15 lakh.
- An equal share of the investment is due to each joint account holder.
- An individual’s total deposits/shares in all MIS accounts they have opened can’t surpass Rs. 9 lakh.
- The cap for accounts framed as a guardian in the interest of a minor will be unmistakable.
Post Office Monthly Income Scheme Account: Interest:
At the end of each month, interest must be paid from the opening date until maturity.
If the account holder does not pay the monthly interest, it will not earn any more interest.
From April 1, 2023, until June 30, 2023, the monthly interest rate will be 7.4%.
