Post Office MIS Yojana 2024: In today’s article, we have brought you information about Post Office MIS Yojana 2024 which allows small savings. As you may know, earlier in the absence of bank facilities, interest was obtained by depositing money in the post office itself.
And since then people have faith in the savings scheme of the post office. Post Office Monthly Income Scheme is also a reliable scheme under which by opening a single or joint account and investing money, you can get interest up to 7.40% annually according to your eligibility.
But let us tell you that according to the scheme, this amount will be payable monthly to the customers. To understand this scheme, you have to read this article completely, in this we will tell what is Post Office Monthly Income Scheme.
How to invest to take advantage of this, what are its eligibility, benefits, and documents required, and how will you get monthly income under this scheme? For complete information, you have to read this article in detail from start to finish.
Post Office MIS Yojana 2024
First of all, you have to understand what is Post Office Monthly Income Scheme and how it works. So for your information, let us tell you that in this scheme, first, you need to open a single or joint account, after which you can invest from Rs 1500 to a maximum of Rs 9 lakh in your account. Its maximum maturity is 5 years in which you will get 7.40% annual interest (currently).
On the other hand, if you can invest a maximum of Rs 15 lakh in joint. After investing the money, you will get monthly income on the last date of the month by adding the interest amount as per the rules of the scheme, with this example you can understand this scheme well –
For example, if you have invested Rs 9 lakh and you are getting a 7.40% annual interest rate, then in a period of 5 years, by maturity, this amount will become Rs 12 lakh 33 thousand, in which Rs 3 lakh 33 thousand is the interest amount.
This amount will be payable to you in monthly installments for 5 years, that is, every month under this scheme, you will be able to earn Rs 5500 monthly from the interest amount in addition to the money invested.
This is a low-risk scheme under which individual and joint account holders can earn income by investing money. This scheme is very good for the elderly because, through the interest amount received under this scheme, they can easily fulfill their basic needs.
What is the purpose of the Post Office Monthly Income Scheme?
For your information, let us tell you that the Post Office Monthly Income Scheme is a savings scheme under which money can be invested for 5 years by depositing it in both individual or joint manner.
After this time limit, some income can be earned every month at an interest rate of 7.4% per annum till the scheme matures. This is a good savings scheme aimed at encouraging citizens to save so that they are able to make financial arrangements for their additional expenses every month.
What are the benefits of the Post Office Monthly Income Scheme?
- To take advantage of this scheme, both individual and joint accounts can be opened.
- Under the scheme, money is invested for 5 years and once the period of 5 years is completed, this scheme can be extended for another 5 years, that is, you can reinvest and take advantage of this scheme again.
- In this, your money will be absolutely safe and you will be able to earn additional income by getting good interest every month on this amount.
- In Post Office MIS Yojana 2024, one can invest from Rs 1500 to a maximum of Rs 9 lakh and up to a maximum of Rs 15 lakh in a joint account.
- A joint account can have a maximum of 3 Big Age People account holders who are provided income in equal parts every month.
- Customers will be able to easily transfer this earned income to their savings account.
- Under the scheme, you can avail the benefit by opening more than one account in your name in the post office.
- At the same time, there is also a facility to nominate a nominee in this scheme, which can also be changed after opening the account.
Eligibility for Post Office Monthly Income Scheme 2024
All interested customers should know that the benefit of this scheme will be available to those citizens who will fulfill the eligibility/conditions of this scheme, so match your eligibility with the following conditions and check whether you fall under this eligibility or not –
- Only citizens of India can avail of the benefit of the Post Office Monthly Income Scheme. Foreign individuals will not benefit from this scheme.
- Minor boys and girls above 10 years of age can also avail the benefits of this scheme, but after the age of 18, they will have to change their account from minor.
- If a minor wants to avail the benefits of this scheme, then only big man people can enroll them under the scheme on their behalf.
- In this scheme, a single account holder can invest a maximum of ₹9 lakh, while joint account holders can invest a maximum of ₹15 lakh. A joint account holder means 2 or 3 account holders.
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Documents required for Post Office MIS Yojana
- Aadhar Card
- Residence Certificate
- Mobile Number
- Income Certificate
- Age Certificate etc.
How to invest in Post Office MIS Yojana?
It is very important to apply correctly to avail of the scheme, so read the steps given below carefully and fill out the application form for Post Office MIS Yojana –
- To avail of the Post Office MIS Yojana 2024, first of all, you have to go to the post office and fill out the scheme application form to open a single or joint account.
- You have to enter all the information sought in this form in detail and carefully.
- After this, you have to attach copies of the necessary documents with this form and sign it in the given place.
- After this, you have to submit all the documents including the application form to the post office.