Budget Impact Post Office MIS Calculator: Many important announcements have been made in the budget to promote small savings. In this, there is an announcement to increase the deposit limit in the monthly income scheme.
Finance Minister Nirmala Sitharaman has doubled the deposit limit in the Post Office Monthly Income Scheme Account. After this, if you open a single account, you can deposit up to Rs 9 lakh (earlier Rs 4.5 lakh). At the same time, the deposit limit for joint account will be Rs 15 lakh (earlier Rs 9 lakh). The increased investment limit will be applicable from the new financial year 2023-24. Joint account can be opened by minimum 3 people together. Investment has to be made only once in MIS account. Its maturity is of 5 years. That is, after five years you will start getting guaranteed monthly income.
POMIS: How the husband and wife will have a monthly income of ₹ 8,875
Monthly income is guaranteed in this post office scheme. Suppose, from the new financial year, if husband and wife open a joint account and deposit Rs 18 lakh in it. Right now 7.1 percent interest is being received on MIS. In this way, interest of Rs 5,32,500 will be generated on maturity of five years. That is, in 5 years you can make a total fund of Rs 20.32 lakh. After maturity, the annual interest will be Rs 1,06,500 lakh. Means, if we talk about monthly income, then husband and wife will start earning interest of ₹ 8,875 every month.
According to the current rule, two or three people can also open a joint account in MIS. The income received in return of this account is given equally to every member. Joint account can be converted into single account anytime. Single account can also be converted into joint account. To make any kind of change in the account, a joint application has to be given by all the account members. Please tell here, that the government reviews the interest rates every quarter.
POMIS: There is an option to stop premature
Maturity of MIS of post office is 5 years, there can be premature closure. However, you can withdraw money only after completion of one year from the date of deposit. According to the rules, if the money is withdrawn between one year to three years, then 2% of the deposit amount will be deducted and returned. If you withdraw money anytime before maturity after 3 years of account opening, then 1% of your deposit amount will be deducted and returned.
Post Office Monthly Investment Scheme can be opened by any citizen of the country, be it an adult or a minor. You can also open an account in the name of your child. If the child is below 10 years of age, then the account can be opened in his name on behalf of his parents or legal guardian. When the child is 10 years old, he himself can get the right to operate the account.
