Post Office: Investing in post office programs is a fantastic way to increase the value of little investments. We will tell you about one such plan in which you may make a significant monthly income by investing once. The Post Office Monthly Income Scheme is the name of this program.
Post Office New scheme
Post Office little investments Schemes are excellent for obtaining assured returns on little investments. One of them is a superhit plan in which money is put in and guaranteed revenue is received every month. This system is known as the Post Office Monthly Income system.
Post Office: In Post Office MIS, single and joint accounts may be opened. Only one investment in the MIS account is required. It will mature in 5 years from the date of account establishment. From October 1, 2023, this program will pay 7.4 percent annual interest.
Post Office Monthly Income Scheme Calculator 2023
Post Office: You may deposit up to Rs 9 lakh in a single account and up to Rs 15 lakh in a joint account under this post office initiative. If you so want, your whole principal amount will be refunded after the 5-year maturity term.
Post Office: It can be extended for another 5 years at the same time. Every 5 years, the option to withdraw the main amount or prolong the program will be available. Every month, the interest earned on the account is sent into your post office savings account.
Monthly interest for 5 lakh in Bank Calculator
Post Office: This post office system guarantees a monthly paycheck. If you have made a deposit of Rs 5 lakh. This has an annual interest rate of 7.4 percent. Every month, Rs 3,083 will be earned in this manner. In this case, the annual revenue will be Rs 36,996.
Post Office: Two or three persons can create a joint account in MIS, according to the guidelines. The income from this account is divided evenly among the members. At any point, a joint account can be changed to a single account.
Post Office: A single account can also be made into a joint account. To make modifications to the account, all account members must submit a joint application.
The maturity period of MIS is Five years
Post Office: This account will be canceled after 5 years from the day it was opened. This might lead to an early shutdown. However, you may withdraw the funds only after one year from the date of deposit.
Post Office: If you withdraw money between one and three years, 2% of your deposit is taken and repaid. If you remove money before the account matures after three years, 1% of your deposit will be taken and reimbursed.