In today's post we will talk about India Post Monthly Income Scheme Pomls friends in today's post we will talk about MIS 2023 new update.
topic of discussion
1. What is this monthly income scheme?
2. Who can open MiS account?
3. How to open MIS account?
4. What is the minimum and maximum deposit?
5. How much interest will you get monthly?
6. When will Matuity be?
1. What is this monthly income scheme?
MIS i.e. Monthly Income Scheme is a government program where you deposit your tax pass amount in post office and get an interest and that interest is credited monthly i.e. if you aim for fixed income every month then this scheme is for you if you keep post pass amount then you Interest will be paid at the rate of 7.1% per month
2. Who can open MiS account?
If you are above 18 years of age i.e. you can open this account if you are above 18 years of age.
• Can open joint account
Up to three people can open a joint account. You can open an account if you are a minor or a disabled person as a guardian.
If your child is 10 years old then you can open the account in the child's name also
3. How to open MIS account?
To open MIS account you need to visit your nearest post office and submit some of your documents like two copies of passport photo and Aadhaar card etc. or consult post office to open MiS account.
Note that MIS cannot be opened in any bank
4. What is the minimum and maximum deposit?
Maximum Deposit
Single Account 9Lak
Join Account 15Lak
Minimum deposit is 1,000
According to the update of 2023, you will get this benefit from Fast April 2023
5. How much interest will you get monthly?
You will earn 7.1% interest on the account you open viz
Irrespective of the amount of money you take in the joint account, i.e. if two people deposit money in separate accounts, will MiS hold equal share ownership of both of them?
6. When will Matuity be?
There will be a maturity of five years
If you die after five years, your nominee will get the money
• Method of maturity before completion of five years
-First year money cannot be withdrawn in any way
- 2% penalty will be charged if withdrawal is done before completion of one year to three years
- One percent payback is to be paid if the money is withdrawn between four years and five years
Note that compound interest does not apply to MiS
MiS but no tax exemption is available under SECTION 80C
But TDS is not deducted in MIS
Thank you. ViP Cyber Point.
