Investment: By investing in this scheme Post Office, you will get Rs 5550 every month, you just have to invest this much...

If your hard-earned money is invested in the right place, you can be free from worrying about returns. Especially when monthly returns on lump sum deposits are guaranteed by the government. The Post Office Scheme for investment option is one of these.

Where guaranteed returns are available with government protection. As far as monthly income is concerned, the post office is offering a special scheme for investors, in which there will be assured income from returns every month on lump sum deposits.

Post Office MIS 2024 Calculation

Investment: Rs 9 lakh

Annual interest rate: 7.4 percent

Duration: 5 years

Earning from interest: Rs 3,33,000

Monthly Income: Rs 5,550

Post Office MIS 2024

In this scheme Post Office, investors can deposit a lump sum of up to Rs 9 lakh in a single account and Rs 15 lakh in a joint account. If you wish, your total principal amount will be returned after the maturity period of 5 years. At the same time, it can be extended for a further 5-5 years.

After every 5 years, there will be an option to withdraw the principal amount or extend the scheme. The interest received on the account is paid every month into the post office savings account. TDS is not deducted on investment in the Post Office Monthly Income Scheme. However, the interest that accrues to you is taxable.

Post Office MIS 2024: Rules for pre-mature closure

If there is a need to withdraw money before maturity in the Post Office Monthly Savings Scheme, then this facility is available to you after one year, but if you want to withdraw the amount before that, then it is not possible. However, in case of pre-mature closure also you have to pay a penalty. If you withdraw money between 1 to 3 years, then 2 percent of the deposit amount is deducted and returned.