Gujarat Post Office MIS Scheme: There are many savings schemes offered by the Post Office. These schemes enjoy great popularity as they are widely seen as safe investments. As a result, numerous individuals have put their faith in the Post Office and invested their wealth in various schemes of the Post Office.
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Gujarat Post Office MIS Scheme
Investing in post-office schemes offers you a great opportunity to earn substantial returns. Among the various schemes announced by the Post Office, one of the most preferred is the Monthly Income Scheme, also fondly known as MIS (Post Office Monthly Income Scheme).
What is Post Office MIS Scheme?
On going through all the detailed information found on the official website of Post Office, you can find that 7.4 percent interest rate is offered for your investments made in this Post Office MIS Scheme. It is to be noted that with Post Office MIS (Post Office MIS Scheme), interest accrual starts exactly one month after initially opening the account.
Through Post Office Monthly Income Scheme (Post Office MIS Scheme) you will get interest every month. With a minimum deposit of Rs 1,000, you can easily open an account. Under this scheme you can open account in two ways individually or jointly.
How much can you invest in this scheme?
While discussing the restrictions, for individual accounts Rs. 9 lakh maximum investment has to be done. While you can invest more than 15 lakh rupees for joint account. Joint accounts require the participation of three persons simultaneously.
If you want to participate in the Post Office Monthly Income Scheme, one needs to have a savings account with the Post Office. This investment opportunity is for individuals aged 18 or above.
To close your account before maturity of Post Office Monthly Income Scheme (Post Office MIS Scheme), you have to wait for one year from the date of your investment. If you choose to close the account after one year even before three years of account opening, 2% of your investment will be deducted as a charge and you will get the balance back. If your account is closed after three years or before five years from the date of opening, 1% of your principal amount will be deducted and the remaining amount will be paid to you.
How is the post office monthly income plan?
Introduction of Post Office Monthly Income Scheme by Post Office! In a single account, individuals can deposit up to Rs 900,000, while joint accounts have a generous limit of Rs 1,500,000. Currently, this investment opportunity offers you an attractive annual interest rate of 7.4 percent.
Once the 5-year maturity period is over, you can recover the entire principal amount, with the possibility of extending the period for another 5 years. At the end of each 5-year cycle, you can choose to withdraw the principal or continue the plan. The accrued interest will be transferred to your Post Office Savings Account on a monthly basis.