Post Office Monthly Income Plan
It will be helpful to find income every month. Under the scheme, an individual can deposit a maximum of Rs nine lakh in a single account and a maximum of Rs 15 lakh in a joint account. The invested amount earns interest every month. A steady income can be earned through this interest. After five years, the entire amount invested will be returned. This plan is also a great option for senior citizens. Currently the interest rate under the scheme is 7.4 percent.
Those who are interested in investing in this scheme can invest up to Rs 5 lakh, Rs 15 lakh if they have a joint account of Rs 9 lakh.
How much is the interest on an investment of Rs 5 lakh?
According to the Post Office MIS calculator, if you invest Rs 5 lakh in Post Office MIS, you will get Rs 3,083 every month at an interest rate of 7.4 per cent. Meanwhile, if you invest a maximum of Rs nine lakh, you can earn Rs 5,550 per month. If you invest Rs 15 lakh in a joint account, you can get Rs 9,250 every month through this scheme.
Withdraw before five years?
This facility is available after one year in case of withdrawal before completion of Post Office Monthly Income Plan. But the amount cannot be withdrawn before that. Penalty is payable if the deposit is withdrawn before maturity. If the money is withdrawn between one year and three years, two percent of the investment amount will be deducted. If withdrawals are made after three years of opening the account, the deposit will be returned after deducting a percentage from the deposited amount. At the same time, on completion of five years, the entire amount will be refunded.