In today’s times when there’s a lot of buzz around mutual fund investments and fixed deposits, post offices with regular income schemes are slowly catching up among the masses. India Post has monthly income scheme (MIS) which can help generate interest income to secure your future. And, if you are not sure of the income you are likely to make, there’s a Post Office MIS Calculator which you can use to know the earnings. Plus, you would want to be updated on eligibility and several other pivots, won’t you? So, stay glued to the article for information pertaining to the post office MIS.
Post Office MIS Interest Rate 2018
The interest rate offered on this scheme currently stands at 7.8% per annum. As the rate is fixed periodically, the rate is going to change with time. The maturity of the scheme is 5 years. You will keep earning interest on a monthly basis to create a stream of regular income. The principal at the end of the maturity period will be returned to you. If you want a lump sum involving interest at maturity, you can let the interest accrue and get it back with principal amount in the end.
So, if you are investing a sum of say ₹1 lakh for 5 years, the interest to be earned in the said period totals to ₹36,500 as per Post Office MIS Interest Rate Calculator.
Features of Post Office MIS
The account comes with a unique set of features and benefits. Let’s check out them now.
- You can open the account via cash or cheque
- There’s no restriction on the number of accounts to be opened as long as the total balance adheres to the maximum investment limit
- Account is transferable from one post to another
- Minimum and maximum investment limits are ₹1,500 and ₹4,50,000, respectively
- The account can be opened on a minor’s name. Minors with 10 years and above are allowed to open and operate the account
- As soon as they become major, the concerned individual needs to get the status changed
- Provision of joint account is also there. Two to three adults can combine together to form a joint account gaining an equal share
Documents Sought in Post Office MIS
You must submit the following documents to open a post office MIS.
- Account opening form from the post office
- Identity Proof – PAN Card/Aadhaar Card/Passport/Driving License/Voter ID
- Address Proof – Aadhaar Card/Passport/Voter ID/Driving License/Ration Card
- Declaration in Form 60 or 61 as per Income Tax Act
Download Post Office MIS Application Form
You can download the Post Office MIS Application Form Online by visiting the website of India Post. What you can do is to take a print out of the form, fill in the blanks, affix the signature and photograph. Submit the form along with the necessary documents to the nearest post office for the opening of the account.