Post Office Monthly Income Scheme | Post Office MIS Interest Rate 2023 | Post Office MIS

Suppose you get a lot of money at once. Confused about what to do with so much money? Invest in Post Office Monthly Income Scheme or MIS.

Hello friends, welcome to our blog Earn Money Bangla. In this post, we are going to discuss about Post Office Monthly Income Scheme or MIS in detail. You must read this post to get all the information about Post Office Monthly Income Scheme or MIS.

Post Office Monthly Income Scheme

• The Post Office Monthly Income Scheme (MIS) is a deposit scheme of the Government of India. Through this scheme, you can earn interest every month on the money you have deposited. 
Advertisements

Eligibility to open a Monthly Income Scheme account at the post office

• Any Indian citizen.
• joint account may be opened by maximum of three Indian citizens.

Maximum amount of Investment in Post Office Monthly Income Scheme account

• A citizen can deposit a maximum of Rs. 4,50,000 in the Monthly Income Scheme of the post office.
• If a person jointly opens a monthly income scheme account, then he can deposit a maximum of Rs. 4,50,000 in the monthly income scheme, combining all the accounts.

Post Office MIS Interest Rate 2023

• At present, the interest rate on Post Office Monthly Income Scheme is 7.4%.
• This interest is payable on a monthly basis.
• You can transfer the interest earned per month directly to your savings account.

Post Office Monthly Income Scheme Account Calculator | Post Office MIS Calculator

• If you deposit Rs. 4,50,000 in MIS at post office, you will receive interest of Rs 2,500 per month at the above-mentioned interest rate and after 5 years your deposit will be Rs 5,98,500.
Advertisements

How much money is needed to open a monthly income scheme account at a post office?

• A Monthly Income Scheme (MIS) account can be opened with a minimum of Rs. 1,000. 
• You can deposit a maximum of Rs. 4,50,000 /- in Monthly Income Scheme account.

Maturity period of Post Office Monthly Income Scheme Account

• The money kept in the Post Office Monthly Income Scheme account matures in 5 years.

Can a Monthly Income Scheme account be closed before maturity?

• The MIS account can be closed after one year from the launch of the Monthly Income Scheme account.
• If you close the Monthly Income Scheme account within 1 year to 3 years, 2% of your savings will be deducted and the rest will be refunded.
• If you close the Monthly Income Scheme account after 3 years to 5 years, 1% of your savings will be deducted and the rest will be refunded.

How to open Monthly Income Scheme Account at Post Office?

• Step 1: – Collect the application form for opening of Monthly Income Schemes (MIS) account from your nearest post office.
• Step 2: – Fill in all the information in the application form.
• Step 3: – Arrange the documents that will be required while submitting the application form. These documents are –

1. 1. Aadhaar card
   2. PAN card
   3. Two copies of passport size photo.

• Step 4: – Then deposit these at the counter, along with the amount of money you want to deposit in the Monthly Income Scheme (MIS). Then your Monthly Income Scheme account will be opened at the post office.
Advertisements

I hope you find this post useful. If you have any questions or queries about this post or regarding any financial matter, please comment or email us at our email id: – [email protected]. If you like the post, please share it with others and let others know.

Also Read: – 

Post Office Fixed Deposit Scheme | Post Office FD Interest Rate 2022 | Post Office FD Account, 2022

Sukanya Samriddhi Yojana Account 2022 | Eligibility, Interest Rate, Maturity | Best Scheme for Girl Child | SSA All Details