Post Office Monthly Income Scheme 2024: In Post Office MIS, every 5 years, the person gets the option to withdraw his initial amount or extend the scheme. The interest received on the account is paid every month into the post office savings account. The new year has started. Along with this, it is also advisable to prepare a new plan for savings. The most important thing for saving is that the investment amount is safe and there is guaranteed profit on it. In this direction, a government-backed post office scheme is the first choice, because here there is a safe and guaranteed return on savings, along with the trust of the government.
The score of guaranteed benefits is higher than that of fixed deposits of banks. Another similar savings plan is the monthly income plan, in which income is received every month on the amount deposited monthly. The most important thing for this is that the investment amount should be safe and there should be a guarantee of profit on it. In this direction, a government-supported post office scheme is the first choice, because here along with safe and guaranteed returns on savings, one also gets the assurance of the government. The score of guaranteed benefits is higher than that of fixed deposits of banks. Another similar savings scheme is the monthly income scheme, in which income is received every month on the monthly deposit.
Calculation of the post office MIS scheme 2024
Here we will briefly tell you the calculation of the post office MIS scheme 2024. The data of the following scheme is given below in the boxes
| Investment amount | Rs 9 lakh |
| Annual interest rate | 7.4% |
| Duration | 5 years |
| Earning from interest | Rs 3,33,000 |
| Monthly Income | Rs 5,550 |
Post Office Monthly Income Scheme 2024
In this post office scheme, up to Rs 9 lakh can be deposited in a single account and up to Rs 15 lakh can be deposited in a joint account. If desired, the entire initial amount can be withdrawn after the maturity period of 5 years, and this can be extended in 5-year intervals. After every 5 years, the person has the option whether he wants to withdraw his initial amount or extend the scheme.
The interest received on this account is paid monthly into the post office savings account. There is no TDS deduction on investments in the Post Office Monthly Income Scheme, however, the interest you earn is tax-taxable. The scheme provides investors the freedom to enjoy a variety of options, deposits can be made through single and joint accounts and consideration can be given from time to time as to how the investment can be increased.
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What are the pre-mature closure rules and regulations of the post office MIS scheme
In the post office monthly savings scheme, if you want to withdraw money before maturity, then you get this facility after one year, but if you want to withdraw the amount before that then it is not possible. However, in case of premature closure, you will also have to pay a penalty.
If you withdraw money between 1 to 3 years, 2% of the deposited amount is deducted and returned.
| Post Office Monthly Savings Scheme has the facility to withdraw money before maturity after one year. |
| There is already no facility to withdraw money and in case of pre-mature closure you will have to pay a penalty. |
| If a person withdraws money between 1 to 3 years, then 2% is deducted from his deposit and refunded. |
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The rules for a penalty for premature closure of the Monthly Income Scheme (MIS) are as follows:
| If closed before completion of one year = no benefit will be given. |
| Termination between the 3rd and 5th year = the entire amount will be refunded with a 1% penalty. |
| Termination between the 3rd and 5th year = the entire amount will be refunded with 1% penalty. |
What Are the Benefits of the Post Office MIS Scheme?
Investing in the Post Office Monthly Income Scheme (POMIS) offers attractive returns, making it particularly attractive to investors with low-risk tolerance due to its non-market-linked features and government guarantee. These benefits are highlighted as follows:
Stable Monthly Income
- POMIS ensures a stable and reliable monthly income from your invested funds.
- Despite market fluctuations, investors receive a steady flow of income, which provides financial security.
Government Guarantee
- POMIS benefits from the backing of the government, offering an additional layer of security for investors.
- This government guarantee adds an extra level of assurance, making POMIS an attractive choice for those prioritizing stability and reliability in their investment strategy.
Additionally, the post office sets a fixed interest rate of 7.40% per annum, further contributing to a predictable and assured return for investors participating in the scheme.
Reinvestment
Investors have the convenience of reinvesting the interest received from the Post Office Monthly Income Scheme (POMIS) in potentially high-yielding security, such as through independent subsidiary shares or equity funds. It is important that while these alternative investment options offer greater profit potential, they also come with increased associated risks.
For those looking for a balanced approach, hybrid funds offer an attractive solution. These funds blend both equity and fixed-income instruments, offering investors an affordable opportunity to participate in the stock market. By choosing hybrid funds, investors can create a diversified portfolio, potentially achieve better returns, and manage risks promptly compared to the higher risk that comes with investing only in equity shares and funds.