You can get Rs 4,950 monthly by opening a Post Office Monthly Income Scheme Account, know full details

A special scheme is run by the post office, through which both husband and wife together can earn Rs 59,400 annually. The name of this scheme is Post Office Monthly Income Scheme (MIS), through which you earn a fixed income every month.

If you talk about the monthly earning, then in this you can earn Rs 4950 every month. You can also open a joint account in it.

​Under the Post Office Monthly Income Scheme, you will get 6​.6​ % per annum payable monthly.

Who can open the Post Office Monthly Income Scheme account

(i) a single adult
(ii) Joint Account (up to 3 adults) (Joint A or Joint B))
(iii) a guardian on behalf of minor/ person of unsound mind
(iv) a minor above 10 years in his own name.

Earn so much annually from Post Office Monthly Income Scheme

In this plan, your benefit is doubled through a joint account (Post Office Joint Account). Today we are giving you complete information about this special scheme, how husband and wife can earn up to Rs 59,400 annually by joining this scheme (Post Office Monthly Income Scheme).

What is Post Office Monthly Income Scheme?

The account opened in Post Office Monthly Income Scheme can be opened both singly and jointly. You can invest a minimum of Rs 1,000 and a maximum of Rs 4.5 lakh in this scheme (Post Office Joint Account) while opening a personal account. However, up to a maximum of Rs 9 lakh can be deposited in a joint account. This scheme is very beneficial for retired employees and senior citizens.

What benefits do you get from Post Office Monthly Income Scheme?  

The good thing about the Post Office Monthly Income Scheme is that two or three people can jointly open a joint account. The income received against this account is given equally to each member. You can convert a joint account to a single account at any time. A single account can also be converted into a joint account (Post Office Joint Account). All account members will have to submit a joint application for any change in the account.

How does Post Office Monthly Income Scheme work?

Let us tell you that in this scheme (Post Office Joint Account), you are currently getting annual interest at the rate of 6.6 percent. Under this scheme (Post Office Monthly Income Scheme), the returns are calculated on the basis of annual interest rates on your total deposits. In this, your total return is made on an annual basis. Therefore it is divided into 12 parts according to each month. You can add this portion to your account every month. If you do not need it on a monthly basis, then adding this amount to the principal amount gives you interest on it.

Post Office Monthly Income Scheme Maturity

(i) Account may be closed on expiry of 5 years from the date of opening by submitting prescribed application form with pass book at concerned Post Office.

(ii) In case the account holder dies before the maturity, the account may be closed and amount will be refunded to nominee/legal heirs. Interest will be paid up to the preceding month, in which refund is made.

Post Office Monthly Income Scheme Calculator

According to the Post Office Monthly Income Scheme calculator, if one deposits Rs 50,000 once in this account, he will get Rs 275 per month or Rs 3,300 per year for 5 years. That is, in five years, they will get a total of Rs 16,500 as interest. Similarly, if one deposits Rs 1 lakh, he will get Rs 550 per month, Rs 6600 per year and Rs 33,000 in five years. In five years, Rs 4.5 lakh per month will get Rs 2475, Rs 29700 per annum and Rs 148500 on the way of interest.

Post Office Monthly Income Scheme Interest 

Interest will be payable on completion of one month from the date of opening and so on till maturity. If the interest payable every month is not claimed by the account holder, then no additional interest will be available on such interest rates.

If any additional deposit is made by the depositor, the excess deposit amount will be refunded and only PO Savings Account Interest will be applicable from the date of account opening till the date of withdrawal. Interest rates can be withdrawn through auto credit in the savings account located in the same post office or ECS. In case of an MIS account with CBS Post Offices, the monthly interest can be credited to the savings account at any CBS Post Office. Interest is taxable in the hands of the depositor.

(Sources: mytechnicalvoice.com)