26 Dec 2021 | 4 min read
The Post Office Monthly Income Scheme (MIS) is a form of term deposit account provided by using India Post. The MIS scheme will pay interest every month and is acceptable for individuals who are trying to find every day or supplementary earnings from their investments.
Given below are the revised interest prices provided on Post Office MIS schemes with impact from 1st May 2021
Tenure |
Regular rate (per annum ) |
Senior Citizen Rate (per annum ) |
5 years |
6.6% |
NA |
The interest rate this is paid at the Post Office Monthly Income Scheme is 6.6% p.a. for an investment period of 5 years.
The rate of interest paid isn't relevant to senior residents and people who belong to this class can make investments in the Senior Citizens Savings Scheme (SCSS).
This is a form of investment plan this is provided by using the Department of Posts (DoP), additionally called India Post. Those who would love to put money into Post Office month-to-month earnings schemes can achieve this at any post office of their respective locality. As of one May 2021, the interest rate provided at the Post Office Monthly Income Scheme is 6.6% p.a.
Who can open an MIS account? |
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Required documents |
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To open a month-to-month earnings scheme, you'll just go to the nearest Post office. Ask for the application form, fill in info and post identification and submit the evidence documents. There isn't any online facility to open this type of account yet.
The post office financial savings account application form may be downloaded from here - Application form
Given below is the step-by-step process to open a Post Office Monthly Income Scheme:
POMIS Monthly Interest = Amount Invested X Annual Interest Rate/12
For example, Amount Invested is Rs. 5 lakhs.
Ques: How is the individual account holder’s share calculated in the case of a joint account?
Answer: Each joint account holder can have an equal percentage in every joint account.
Ques: What if I don’t need to withdraw the deposit quantity upon the account maturity?
Answer: In case you don’t withdraw the deposit amount upon maturity, the cash will live in the account and earn an easy interest as in step with the Post Office Savings Account for a duration of years from the account maturity.
Ques: Is this scheme appropriate for senior residents? The above said not for Senior citizens
Answer: Yes. This is a beneficial scheme for senior residents as they are able to deposit their existing financial savings in the account and earn interest for their month-to-month expenses.
Ques: What occurs to my account if I ought to pass from one metropolis to any other because of work?
Answer: On the occasion of moving from one metropolis to another, you could without difficulty switch your POMIS account to the Post Office in the modern-day metropolis at no greater cost.
In the end, POMIS is a great opportunity to earn interest while sitting at home. We hope that you got the information you were looking for.