Post Office MIS 2024: Earn A Guaranteed Monthly Income Of ₹5,550—Complete Details Here

As the new year unfolds, it’s time to consider a savings plan that ensures both safety and guaranteed returns. The government-backed Post Office Savings Scheme stands out as a top choice for secure investments, offering reliable returns that often surpass traditional bank fixed deposits (FDs). One of the most appealing options within this scheme is the Monthly Income Scheme (MIS), which provides a steady income each month from a lump sum deposit.

Post Office MIS 2024: Calculation Overview

• Investment Amount : ₹9 lakh
• Annual Interest Rate: 7.4%
• Tenure: 5 years
• Total Interest Income: ₹3,33,000
• Monthly Income: ₹5,550

Key Features of Post Office MIS

Under the Post Office MIS, you can deposit up to ₹9 lakh in a single account and ₹15 lakh in a joint account. At the end of the 5-year tenure, you have the option to either withdraw your principal amount or extend the scheme for an additional 5 years. Interest is credited monthly to your savings account at the post office, and it’s important to note that while there is no TDS (Tax Deducted at Source) on the investment, the interest you receive is taxable.

Rules for Premature Closure

If you need to withdraw funds before the maturity period in the Post Office Monthly Income Scheme , you can do so after one year. However, early withdrawals are subject to penalties. Specifically, if you withdraw your funds between 1 to 3 years, a penalty of 2% of the deposit amount will be deducted.

The Post Office MIS is an excellent option for those seeking a secure investment that offers guaranteed monthly returns. With flexible terms, a competitive interest rate, and government backing, it provides peace of mind for savers looking to grow their funds safely. Consider this scheme for a reliable source of income in 2024 and beyond!