Post office schemes are one of the most preferred tools for salaried employees. Even though the central government has recently announced that the interest rates for Post Office Small Savings Schemes will remain unchanged, these schemes continue to attract investors. Interests on these savings schemes are higher than the interest rates offered by many banks on their fixed deposits. One of these schemes is the Post Office Monthly Income Scheme (Post Office MIS). The government offers 6.6 percent interest on this scheme. Post Office MIS is a better investment vehicle for investors…providing higher returns. Investors who are interested in opening a post office MIS account can open this account with a minimum of Rs.1000. The maximum investment limit for single account openers under this scheme is Rs.4.5 lakhs. 9 lakhs for joint accounts. It means that a person can invest a maximum of Rs.4.5 lakh in MIS account.
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Can children open MIS account?
Guardian Post Office can open MIS account on behalf of minor. Minors above ten years of age can open an account in their own name. This account earns interest every month.
Post Office MIS Monthly Interest Calculation..If you open a single account and deposit Rs.2 lakh in the account, you can get Rs.1,100 every month at the current annual interest rate. If you invest Rs.3.50 lakh in the name of your child, you will get interest of Rs.1,925. If you invest Rs.4.5 lakh as per the maximum limit, you will get Rs.2,475 every month. But the post office should close the MIS account after five years of opening.
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