Post Office MIS 2024: It’s fantastic to get excellent returns on your hard-earned savings. The government provides several saving schemes for this purpose. Among them is the Post Office Monthly Income Scheme (Post Office MIS), which offers an annual interest rate of 7.4%. This government scheme pays investors monthly interest on their principal deposit. The interest amount is credited to the investor’s post office account. The key highlight is that there is no TDS on investments in this scheme. However, the interest earned is taxable.
Post Office MIS 2024
In the Monthly Income Scheme of Post Office, a person can deposit a maximum of Rs 9 lakh in the account. Up to Rs 15 lakh can be deposited in a joint account. If the investor wishes, the total principal amount will be returned after a maturity period of 5 years. It can be extended for another 5 years. After every 5 years, there will be an option to withdraw your principal amount or extend the scheme. The interest received on the account is paid every month in the post office savings account.
Post Office MIS 2024 Calculation
Total investment: Rs 9 lakh
Annual interest rate: 7.4%
Maturity period: 5 years
Interest income: Rs 3,33,000
Monthly income: Rs 5,550
Post Office MIS: Rules for pre-mature closure
Post Office Monthly Saving Scheme also has a rule for withdrawal of money before maturity. If the investor wants to withdraw money before maturity, this facility is available after 1 year of investment. Withdrawal of money is not possible for him. In case of pre-mature closure, the investor has to pay a penalty. Under this, on withdrawal of money between 1 to 3 years, 2% of the deposit amount is deducted and returned.