National Postal Savings Monthly Income Account: The National Savings Monthly Income (MIS) program offered by the post office, or India Post, is a go-to option for Indians looking to save money and earn a good return without having to risk their wealth. The policy is for those who want to put their money into a government-run program, which will guarantee fixed returns. Additionally, investors can receive interest of almost Rs 5,000 per month by placing their money in an MIS postal account.
Post office MIS account deposit limit
It is possible to open an individual account or a joint account within the framework of the MIS system of the post office. The maximum investment limit is Rs 4.5 lakh for a single account and Rs 9 lakh for joint accounts. An individual can invest a maximum of Rs 4.5 lakh in MIS (including his share in joint accounts). For the calculation of an individual’s share in a joint account, each joint holder has an equal share in each joint account.
Post Office MIS Calculator: How to Earn Rs 5,000 Every Month?
In a tweet dated December 13 last year, India Post urged citizens to invest in its National Savings Monthly Income Account. “Invest in the National Savings Monthly Income Account (MIS) and earn up to 6.6% annual interest every month.” This means that currently the Post Office MIS (POMIS) offers an annual interest rate of 6.6%.
If you invest Rs 9 lakh in a joint account under the Post Office MIS, the total interest you will earn in one year at the rate of 6.6% will be around Rs 59,400. If this is to be divided by 12 i.e. the number of months in a year, your monthly income through Post Office MIS will be Rs 4,950 as per the calculations. However, it should be noted that this applies in the case of joint accounts. For individual accounts, the interest will amount to Rs 2,475 per month, with the deposit reduced by half.
How do I open a post office MIS account?
To open a Post Office MIS account, you must have a savings account with the post office. Also, you need to provide basic documents including proof of identity like Aadhaar, voter card and likes, two passport size photos and proof of address.
Interested investors who wish to open an MIS account should note that the minimum amount for opening the account is Rs 1,000. Deposits must then be in multiples of Rs 1,000, as per the post office guidelines. This rule came into effect on April 1, 2020.
The Post Office MIS account is only available for a resident Indian. Any adult can open their account at the nearest post office by providing the required documents. POMIS accounts can also be opened for minors aged 10 or over. They will be able to benefit from it at the age of 18.
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