Post Office Monthly Income Scheme | Post Office | MIS Scheme

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About This Video :

The Post Office MIS (Monthly Income Scheme) is a savings plan offered by India Post that provides a fixed monthly income. It’s a government-backed scheme, designed for people who are looking for a steady income from their investments.

Key Features of the Post Office MIS Scheme:
Fixed Monthly Income:

The main benefit of the scheme is the monthly interest payment, which provides a steady cash flow for investors.
The interest is paid on a monthly basis, which is credited directly to the account.
Interest Rate:

As of now, the interest rate is around 7.4% per annum (subject to change, depending on government notifications).
The rate is fixed for the entire tenure of the investment.
Eligibility:

Any Indian citizen can invest in the scheme.
The account can be opened by individuals, joint account holders, or minors (through a guardian).
Tenure:

The investment tenure is 5 years, and the account can be extended after maturity.
Investment Amount:

The minimum investment is ₹1,000.
The maximum limit for a single account is ₹4.5 lakh, and for a joint account, it’s ₹9 lakh.
Withdrawal:

After a period of 1 year, premature withdrawal is allowed, but it comes with a penalty.
The penalty is generally 2% of the principal amount if withdrawn before 3 years, and 1% after 3 years.
Taxation:

The interest earned on the MIS scheme is taxable as per the investor’s tax bracket.
TDS (Tax Deducted at Source) is applicable if the interest exceeds ₹10,000 in a financial year.
Loan Facility:

You can also avail a loan against your MIS account up to 90% of the deposit amount.
How to Open a Post Office MIS Account:
Visit your nearest post office.
Complete the application form and submit necessary documents (such as proof of identity and address).
Pay the amount you wish to invest.
You’ll receive a passbook, which will detail your investment.
Benefits:
Security: It’s a government-backed scheme, making it a low-risk investment.
Regular Income: Ideal for people looking for a reliable, monthly source of income, especially retirees.
Tax Benefits: Although interest is taxable, the scheme is exempt from capital gains tax.
Disadvantages:
Fixed Returns: The interest rate is fixed and may not keep up with inflation over time.
Taxable Interest: Interest earned is taxable and could reduce the overall returns.
Premature Withdrawal Penalty: There are penalties if you withdraw the amount before the maturity period.
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Видео Post Office Monthly Income Scheme | Post Office | MIS Scheme канала XY- Axis Education
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