In Post Office Monthly Income Scheme (MIS), the amount is deposited for 5 years at a time, that is, you can earn your income by taking interest for 5 consecutive years. After maturity, the deposited amount is returned to you. But if you want to withdraw money before five years, you may incur a big loss.
Post Office MIS: Many types of schemes are run by the Post Office. One of these is Monthly Income Scheme (MIS). This is a deposit scheme in which you can earn every month by investing once. In POMIS, a maximum of Rs 9 lakh can be deposited in a single account and a maximum of Rs 15 lakh can be deposited in a joint account. Whatever amount you deposit, you are given interest every month. At present, the interest rate in the Post Office MIS is 7.4 per cent.
In Post Office MIS, the amount is deposited for 5 years at a time, that is, you can earn your income by taking interest for 5 consecutive years.
After maturity, the deposited amount is returned to you. But if you need money before five years and want to withdraw it, or want to continue the monthly earning scheme for more than 5 years, then what are the rules for this? Know here-
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Post Office MIS: What if you withdraw money before 5 years
If, after investing in this scheme, you want to withdraw the amount before the completion of the maturity period, you do not get the facility for 1 year.
After 1 year, you get the facility to withdraw money from the account, but in this, you incur loss because some money is deducted from your deposited amount as penalty.
If you withdraw money between one year and three years, then 2 per cent of the deposit amount is deducted and returned.
Whereas, if you want to withdraw money after 3 years of opening the account and before 5 years, then the deposit amount is returned to you after deducting 1 per cent from the deposited amount.
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Post Office MIS: Rules for extension
Generally, you get the facility to extend your account in all the schemes like FD, PPF, etc., but you do not get this facility in Post Office Monthly Saving Scheme.
If you want to avail the benefits of the scheme further, you can open a new account after maturity.
Post Office MIS: Monthly income you can earn
If you deposit Rs 9 lakh in a single account in the Post Office Monthly Savings Scheme, then at the rate of 7.4 per cent interest, you can get a monthly income of Rs 5,500 every month.
Whereas, if you deposit Rs 15 lakh in a joint account, you can earn an income of Rs 9,250 every month.
