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Do you know that Indian Postal Service also provides banking services to its customers besides their amazing postal services? Well, they do and there are various banking services that people trust on. One of those many banking services provided by them is the Post Office MIS Account where MIS stands for Monthly Income Scheme. This scheme is backed by the government of India.
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Everything You Need To Know About The Post Office MIS Account:
Do you know that Indian Postal Service also provides banking services to its customers besides their amazing postal services? Well, they do and there are various banking services that people trust on. One of those many banking services provided by them is the Post Office MIS Account where MIS stands for Monthly Income Scheme. This scheme is backed by the government of India.
With the help of the Post office MIS account, an individual can invest a fixed amount of money and can get a regular monthly income with the help of earned interest on the amount. The aspect which makes it popular among the masses is the capital security as it is backed by the government. Your deposited amount will be returned back to you after the maturity of your fixed period. In this article, we will give you detailed information about the Post office MIS account and the Post office MIS interest rates. Keep reading on!
What are the prominent features of the Post Office MIS Account? When an individual invests money in any type of deposit, she/he looks for the benefits that can be availed by opting it. And there is a list of amazing features that can be attributed to the MIS account. You can have a look at some of those features mentioned below. • The lock-in period (Maturity Period) for the MIS scheme can be a maximum of 60 months i.e. 5 years. You can withdraw or reinvest the amount after the fixed period. • From 01/07/2019, Post office MIS interest rates are fixed at 7.6% per annum payable on a monthly basis. (Stated on the official website of Indian Postal Service)
The minimum investment amount is fixed at ₹1,500 and the investment can be made in the multiple of ₹1,500 only. • You can have a maximum investment of ₹4.5 lakh in case of a single account and ₹9 lakh on having a joint account. • An MIS account can be opened by an individual. Also, the nomination facility is available at the time of opening and after opening the account. • A single account can be converted into a joint account and vice-versa. • A joint account can be opened by two or a maximum of three individuals. These individuals must have an equal share in each joint account. • An MIS account can be opened in the name of a minor and a minor of 10 years or above the age can open and operate the account by himself or herself.
An MIS account can be transferred from one post office to another in an hassle-free method. • You can not withdraw the fixed amount prematurely before on year. • If you want to withdraw it before three years from the date of opening, you can do it at a discount of 2% of the amount and similarly, at the discount rate of 1% after 3 years of account opening. • The monthly interest can be drawn into the post office savings account with the auto-credit facility. • You can also use the post office MIS calculator to get an estimate about the monthly income you’ll get.
What is the eligibility criteria for opening an MIS account? There are certain conditions that a candidate has to fulfill to open an MIS account. These are mentioned below. • An applicant must be a residing citizen of India. • The minimum age of the limit of the investor can be 10 years. • The maximum fund that can be invested in the name of the minor is fixed at ₹3,00,000.
