People are very fond of post office scheme from the point of view of security and safety. The post office launches huge schemes from time to time. Today we are telling you about one such superhit scheme of Post Office. Under this scheme you have to deposit a lump sum and after that you get interest money as pension every month. Maturity papers can also be refunded together
What is this plan?
Post Office Monthly Income Scheme Account (MIS). In this scheme money can be deposited in multiples of at least 1000 and 100. You can deposit a maximum of Rs 4.5 lakh in this. This limit is for one account. At the same time, the maximum limit for a joint account is Rs 9 lakh. A maximum of three persons can open a joint account under this scheme. Also, if the child is a minor, an account can be opened in the name of his / her parents. Let me tell you that after 10 years post office MIS account can also be opened in the name of the child.
A minimum of Rs.1000 can be deposited
Payment under this scheme is monthly. Currently, the interest rate is 6.6 percent, which is available on a simple interest basis. Interest is calculated on an annual basis. However, if the account holder does not claim monthly interest in this, he will not get the benefit of additional interest on this money.
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5 years maturity
The maturity of this post office scheme is 5 years. You cannot withdraw money from the account for one year after opening it. If you want to close it in 1-3 years, 2% of your original amount will be deducted. At the same time, 1% penalty will be deducted on account closure in 3-5 years.
On deposit of Rs 4.5 lakh you will get Rs 2475 per month
According to the MIS calculator, if a person deposits Rs. 50,000 in this account once, he will get Rs. 275 per month, i.e. Rs. That means in five years he will get a total of Rs. 16500 as interest. Similarly, if a person deposits Rs 1 lakh, he will get Rs 550 per month, Rs 6600 per year and Rs 33000 in five years. A deposit of Rs 4.5 lakh in this scheme will earn Rs 2475 per month, Rs 29700 per annum and Rs 148500 over five years.
The nominee will get the amount
In this scheme, if an account holder dies before maturity, the account is closed. In such a case the original amount is returned to the nominee. Deposit under this scheme will not be eligible for deduction under section 80C. TDS is also not deducted on withdrawals from the post office or on interest income. However, this interest income is fully taxable.
Source :- GSTV
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