Post Office monthly scheme invest Rs.1000 get returns in lakhs: Post Office monthly savings plan; Look at how many benefits!
Post office savings plans are considered better than other investment plans. Post offices across the country offer the best investment plans for the Indian working class population. Post office plans are very popular because of their attractive interest rates and small investment.
Investment plans offered by the Post Office are risk-free and in many cases do not depend on market changes. Therefore, it is a good investment opportunity for many.
One of the most popular schemes of the Post Office is the Post Office Monthly Investment Plan (MIS). The plan invests a certain amount of money and paves the way for a fixed monthly return on the interest rate on that amount. If you have the correct documents, you can open this MIS account at your nearest post office.
It should be noted that the Post Office MIS scheme has a fixed term of five years, after which you can withdraw or reinvest your money as per your requirement. You can open an MIS account at the post office with an investment of just 1000 rupees.
How does the Post Office Monthly Investment Plan work?
The Post Office MIS Plan is popular with low- or middle-income investors because it offers a reasonable interest rate. You can also join this scheme with an investment of Rs.1000. There is also a tax deduction under Section 80C of the Investor Income Tax Act. There is also guaranteed income.
An individual can invest up to Rs 4.5 lakh in the MIS scheme or collectively up to Rs 9 lakh. The interest on this scheme is set by the government depending on the market situation. The interest rate for the quarter ending September 30, 2021 is set at 6.6 percent per annum.
According to this calculation, an investor can invest up to Rs. 4 lakh and invested Rs. 2000 can receive monthly interest. However, this amount can be withdrawn only after reaching the maturity period.
Qualifications for the MIS Program
Only residents of India are eligible to invest in the scheme and anyone over the age of 18 can open this account. Children over the age of 10 can have their parents open MIS accounts. They will receive the benefits once they reach the age of 18.
To get all the news of Tamil Indian Express instantly on Telegram app https://t.me/ietamil