Post Office Monthly Income Scheme | MIS Interest Calculator ₹50,000 to 15 Lakh (Hindi)
Post Office Monthly Income Scheme | MIS Interest Calculator ₹50,000 to 15 Lakh (Hindi) in Post Office
In this video by FinCalC TV we will see Post Office Monthly Income Scheme (MIS) interest calculation using MIS calculator in hindi. We will also see Post Office Monthly Income Scheme (MIS) features and benefits in this MIS scheme account and compare with SWP calculator in mutual funds
Post Office Monthly Income Scheme (MIS) Calculator:
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WHAT IS POST OFFICE MONTHLY INCOME SCHEME (MIS)?
Post Office Monthly Income Scheme or Post Office MIS is a fixed income scheme that gives regular payout every month on your deposits
This is a Post office scheme for those looking for decent returns on their lump sum investment
The tenure for Post Office MIS Scheme is 5 years, which means your money will be locked in for 5 years.
You can deposit minimum of Rs. 1000 and maximum of Rs. 9 Lakh in Single account and Rs. 15 Lakh in joint account of this scheme
The current interest rate in Post Office Monthly Income Scheme is 7.4% for April 2023 to June 2023 quarter
This interest rate is reviewed by government of India every quarter
The interest on which you open Post Office Monthly Income Scheme will be fixed throughout 5 years of your tenure
POST OFFICE MONTHLY INCOME SCHEME (MIS) INTEREST RATE
The interest rate you will get in Post Office Monthly Income Scheme is 7.4% for April 2023 to June 2023 quarter
It is important to note that this interest rate will be reviewed every quarter by government of India
ELIGIBILITY TO OPEN POST OFFICE MONTHLY INCOME SCHEME (MIS)
You can open the Post Office Monthly Income Scheme if:
You are an adult
Open joint account (up to 3 adults)
A guardian on behalf of minor
A minor of age above 10 years on his / her own name
If any of the above conditions are satisfied, you are eligible to open Post Office Monthly Income Scheme Account.
DEPOSIT LIMITS IN POST OFFICE MIS SCHEME
While opening the Post Office MIS Scheme, minimum deposit is Rs. 1000.
Maximum deposit you can make is Rs. 9 Lakh for single account and Rs. 15 lakh for joint account
The interest earned will be equally distributed in case of joint accounts
The deposits made above Rs. 1000 should be in multiple of Rs. 1000
INTEREST CALCULATION IN POST OFFICE MONTHLY INCOME SCHEME?
You can easily calculate the monthly income you can earn in Post Office Monthly Income Scheme using above calculator.
The monthly interest will be paid to you on completion of month after opening the account and will continue every month thereafter
If the interest earned is not claimed, no additional interest will be earned in this case
If excess amount is deposited, the additional amount will be refunded back and will only earn interest based on Post Office Savings Account Interest rate
Interest can be drawn via auto credit feature in your Post Office savings account
#postoffice #monthlyincomescheme #postofficemis #fincalc
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DISCLAIMER:
Examples and demo used are for Illustration purpose only and might not cover every detail of examples shown.
I Am Not A SEBI Registered Adviser. All The Information Provided By Me Are For Educational/Informational Purposes Only. We Do Not Take Any Responsibility For The Accuracy Of The Data But As It May Contain Typographic Or Other Errors And Inaccuracies And We Expressly Disclaim Liability For Any Errors On The YouTube Channel (FinCalC TV). Please consult your Financial Advisor before taking any decision or action in terms of your Finances.