Savings is quite easy when it is within your saving capacity. Post Office is no more a place where we go to send post to our loved ones. It offers different saving schemes and monthly income saving (MIS) scheme is one of them.
It is an initiative towards the welfare of the people who are comfortable in maintaining a monthly saving scheme. The features of post office MIS interest rate calculator is given below:
Post office MIS interest rate calculator
- Availability of nomination facility
- Higher interest rate of 7.30% compounded annually
- For individuals and a joint account can be by 2-3 adults.
- Can be opened through cash or cheque payment
- Deposit can be made in multiples of ₹1,500. The maximum investment amount for single accounts is ₹4,50,000 and for joint accounts is ₹9,00,000
- Joint account can be converted into Single account and Vice Versa
- Multiple accounts opening facility
Who can open this account?
An individual can open this account and start saving on a monthly basis. There is also a chance to open this account jointly. An account in the name of guardian can be opened for those who are below the age of 18 years.
What are the documents required for Post office MIS?
- Account-opening form, available at the post office
- Two passport-size photographs
- Address and Identity Proof (Aadhaar Card, Passport, PAN Card or declaration in Form 60 or 61 as per the Income Tax Act, 1961, Driving Licence, Voter ID Card)
How much interest can you earn through Post Office MIS?
If you invest Rs. 4.5 lakhs for 5 years, with the present rate of interest 7.30% compounded annually, you will have approx. Rs. 6.5 lakhs at the end of 5 years. This is the highest return you can get from any saving scheme. Other monthly saving options such as fixed deposit, recurring deposit and SIP do not guarantee this much interest rate.
Recently, Post Office has tied up with life insurance company – Bajaj Allianz to offer life insurance policy. The government owned entity is very soon going to offer loans as all the post offices are now converted into banks. Through banking, many services such as post office savings account and mutual funds. The interest rate on savings account is also good. There are different types of savings account available at Post Office.
What are the other types of accounts offered by Post Office?
- Post Office Savings Account
- 5-Year Post Office Recurring Deposit Account
- Post Office Time Deposit Account
- Senior Citizens Savings Scheme
- 15-year Public Provident Fund Account
- National Savings Certificate
- Kisan Vikas Patra
- Sukanya Samriddhi Accounts
With the above information on Post office MIS calculator and other schemes offered, you can choose which way you want to save. As a suggestion, you can start by savings 5% of your income and maybe increase it by 5% every year. This is the easiest way to save and maintain the same. You can use Post Office MIS calculator or Post Office MIS Interest rate calculator to see how much will you save by this habit.