The customers generally have an option to choose such an investment scheme which is best suited for their income and other needs. More than half of the population would generally opt for such a scheme which is comparatively less risky and feature guaranteed returns. The investments which are not quite risky don’t feature high returns, however, the amount offered is good enough to invest huge amounts in it.
Post Office MIS or Monthly Income Scheme is such a scheme which rewards the depositors with guaranteed returns on their deposit monthly. It features returns through the intact invested capital providing a certain monthly income. Indian Postal Service provides this scheme and Finance Ministry of India administers it.
Characteristics of Post Office MIS:
PO MIS’s Interest plans:
Here enlisted are the documents needed for PO MIS A/C:
Applicants need to carry original documents with Xerox copies of the same.
If the interest is encashed after the completion of one year but before three years, then an interest of 2% is deducted from the amount whereas an interest of 1% is deducted if it is encashed after three years and before five years.
Type of Account
Four lakh and fifty thousand
If the depositor has not withdrawn their money from the MIS plan account even after the completion of five years, then they receive only the interest obtained in two years and nothing else. Further details can be obtained from the nearest PO.
In the case of untimely death of the depositor, before reaching the account maturity stage, the nominee or heir should close the A/C. The interest obtained along with the deposited amount will be refunded to the nominee or heir.
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