Post Office National Savings Monthly Income Account: The National Savings Monthly Income (MIS) scheme offered by the post office, or India Post, is a go-to option for Indians who look to save money and get a good return without having to risk their wealth. The policy caters to those who want to put their money in a government-run scheme, which will guarantee fixed returns. In addition, investors can receive an interest of nearly Rs 5,000 per month by putting their money in a post office MIS account.
Post Office MIS Account Deposit Limit
One can open a single or a joint account under the post office MIS Scheme. 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 Rs 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.
Post Office MIS Calculator: How to Make Rs 5,000 Each Month?
In a tweet dated December 13 last year, the India Post urged citizens to invest in its National Savings Monthly Income account. “Invest in National Savings Monthly Income Account (MIS) and get up to 6.6% annual interest every month.” This means that currently, the Post Office MIS (POMIS) offers an annual interest rate of 6.6 per cent.
If you invest Rs 9 lakh in a joint account under the Post Office MIS, then the total interest you earn in a year at the rate of 6.6 per cent will be around Rs 59,400. If that is to be divided by 12, that is the number of months in a year, then your monthly income through Post Office MIS will be Rs 4,950 as per calculations. However, it must be noted that this is applicable in case of joint accounts. For single accounts, the interest will amount to Rs 2,475 per month as the deposit gets halved.
How to Open Post Office MIS Account?
To open a Post Office MIS account, you need to have a savings account with the post office. Further, you need to furnish basic documents including a proof of identity like Aadhaar, voter card and likes, two passport sized photos and an address proof.
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 Post Office MIS account is available for only a resident Indian. Any adult can open their account with the nearest Post office by furnishing the required documents. POMIS accounts can also be opened for minors who are 10 years or above in age. They will be able to avail the benefits when they turn 18.