Post Office Scheme: In this government-backed scheme, investors get a chance to earn guaranteed interest every month. Post Office MIS is a sovereign fixed income investment vehicle. One has to invest in MIS account only once.
Post Office MIS or POMIS: Post Office Monthly Income Scheme (Post Office MIS or POMIS) is a great small savings scheme. In this government-backed scheme, investors get a guaranteed income from interest every month. Post Office MIS is a sovereign fixed income investment vehicle. You have to invest in MIS account only once. After that you start earning interest every month. Its interest rates are reviewed every quarter by the government. Its maturity is 5 years. This means that after the completion of the scheme period, your deposited money i.e. principal is returned. In this scheme, market fluctuations have no effect on your investment. The money is completely safe in it.
Joint, individual account and account of minors of 10 years or more can be opened in the MIS scheme of the post office. Currently, the maximum investment limit for an individual is Rs 4.5 lakh and for a joint account it is Rs 9 lakh. However, this limit will increase from the new financial year (April 1, 2023).
In Budget 2023, the government has increased the deposit limit for individual accounts of POMIS from Rs 4.5 lakh to Rs 9 lakh and for joint accounts from Rs 9 lakh to Rs 15 lakh. Till March 31, 2023, investors of this scheme are getting 7.1 percent interest annually.
MIS Calculator: ₹2662 interest per year on ₹4.5 lakh
According to the Post Office MIS Calculator, if an individual investor makes a lump sum investment of the current maximum limit of Rs 4.5 lakh, he will earn Rs 2662 every month as interest. In this way, there will be an interest income of Rs 31,944 every year and Rs 1,59,720 in 5 years. You will get the deposit amount back after the maturity of the scheme.
According to India Post, an account can be opened in the POMIS scheme with a minimum investment of Rs 1,000. Interest is paid every month in MIS. However, if the investor does not claim the interest amount every month, then additional interest will not be available on that amount. Any Indian citizen can invest in the Post Office Monthly Income Scheme.
Premature closure is possible in POMIS. However, money can be withdrawn after one year from the date of deposit. According to the rules, if you withdraw money between one year and three years, then 2 percent of the deposit amount will be refunded after deduction. On the other hand, if you withdraw money before maturity after 3 years of opening the account, then 1 percent of your deposit amount will be refunded after deduction.
POMIS: What are the rules of joint account
Two or three people can open a joint account in POMIS. The income received in return of this account is given equally to each member. The joint account can be converted into a single account at any time. A single account can also be converted into a joint account.
To make any change in the account, a joint application of all the account members has to be given. MIS account can also be transferred from one post office to another. After completion of maturity i.e. five years, it can be extended for further 5-5 years. There is a facility of nomination in MIS account.
Jharkhand CM Champai Soren took back all the departments from jailed minister Alamgir Alam
