# Post Office MIS: Scheme offering ₹9,250 per month- What will you do if you deposited 15 lakhs but need money in between?

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Post Office MIS: The Post Office Monthly Income Scheme is a scheme in which you can arrange income every month by depositing money. This monthly income comes from interest. Whatever amount you deposit, interest of up to 7.4 percent is given on it. With this scheme of post office, you can earn up to ₹ 9,250 every month. In this, up to 9 lakhs can be deposited in a single account and up to 15 lakhs in a joint account. This deposit is made for 5 years, that is, you can arrange regular income for 5 years from this scheme at one time.

But suppose you deposited 15 lakh rupees in Post Office MIS and you need money before 5 years, then how will you withdraw the deposit amount before 5 years? Will this cause you any loss? Know the rules of pre-mature withdrawal-

Cannot be withdrawn before 1 year
If you deposit money in the Post Office Monthly Income Scheme, but due to the need for money in between, you have to close the account in between and withdraw your deposited amount, then understand well that you do not get this permission before the completion of 1 year. After the completion of 1 year, you can do pre-mature closure, but a penalty is charged to you for this.

How much penalty is there on pre-mature closure
If you withdraw money between one year to three years, then 2% of the deposit amount will be deducted and returned. On the other hand, if you want to withdraw money between 3 years to 5 years, then the deposit amount is returned after deducting 1% from the deposited amount. On the other hand, you get the entire amount back after the completion of 5 years.

How much income on deposits of 5 lakh, 9 lakh, and 15 lakh
According to the Post Office MIS Calculator, if you deposit 5 lakh rupees in Post Office MIS, then you will earn 3,083 rupees per month at the rate of 7.4 percent interest. On the other hand, if you invest a maximum of 9 lakh rupees, you can earn 5,550 rupees per month. If you invest 15 lakh rupees in a joint account, then you can earn 9,250 rupees every month through this scheme.

Who can open an account?
Any citizen of the country can open an account in the Post Office Monthly Income Scheme. The account can also be opened in the name of a child. If the child is less than 10 years old, then his parents or legal guardians can open an account in his name. When the child is 10 years old, he can also get the right to operate the account himself. Let us tell you, for an MIS account, you should have a savings account in the post office. It is mandatory to provide an Aadhar card, and PAN card for ID proof.

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