Best known for touching the lives of the citizens in multiple ways, there is no denying the fact that Indian Post Office with its attractive saving schemes helps you to build the capital. Among its many products, MIS (monthly income scheme) is the most popular one, which can be opened with a minimum amount of Rs.1,500.
However, the maximum amount acceptable under the scheme is Rs.4,50,000 (in case of an individual account) and Rs.9,00,000 (in case of a joint account). There is also post office monthly income scheme calculator is there that helps you enjoy the multiple benefits of this scheme. So, let’s just get more details of this scheme in the article below:
- Tenure: 5 Years
- Minimum Amount: Rs.1,500
- Maximum Amount: Up to Rs.4.5 Lakh (single account), Up to Rs.9 Lakh (joint account)
- Amount of Deposit: ₹1,500 – ₹9 lakhs
- Rate of Interest: 7.30% per annum
In order to open this account, you need to meet the below criteria. So, before we move on further, let’s just know the norms below:
The account can be opened by an Indian resident.
Now let’s take a look at the account holding categories below:
- Minor through the guardian
How to Open the MIS Account?
The account can easily be opened at any head or general post office. In order to open the account, the customer must have a savings account in the post office to link the monthly payout. And, without a complete list of documents, you cannot open this account. So, just take a look at the documentation part below:
- Account opening form-available at the post office
- Two passport size photographs
- Address and Identity Proof (Aadhaar Card, Passport, PAN Card or declaration in Form 60 or 61 as per the Income Tax Act, 1961, Driving Licence, Voter ID Card)
Note: The candidates are required to carry original identity proof for verification at the time of account opening.
Post Office MIS Calculator
If we talk about post office MIS calculator, it has been thoughtfully designed to help the people in calculating the Interest accrued on the deposit and amount of monthly interest that is to be credited to the depositor’s account. In order to know the monthly income, the customer has to insert the investment amount, tenure and interest rate in the device. Soon after entering these values, you need to click on the submit button and the results will be displayed on the screen.
Now it’s time for you to know the benefits of the same.
Features and Benefits of POMIS Account
- Availability of nomination facility
- Attractive interest rate
- The account can be opened by the individuals and a joint account can be by 2-3 adults.
- Minors are also eligible to open an account
- The account can be opened through cash or cheque payment