The post office: The new year 2024 has started and with this you should also prepare a plan for savings. If you want to save, then you have to find an investment plan in which the money is safe and guaranteed returns.
This way you get safe and guaranteed returns in post office schemes and it also remains the first choice of people. In the post office, you get more returns than the banks. In the Post Office Monthly Savings Scheme, you get a pension every month on a lump sum deposit.
Post Office MIS 2024 Calculation
- Investment: Rs 9 lakh
- Annual rate of interest: 7.4%
- Period of time: 5 years
- Income from interest: Rs 3,33,000
- Monthly Income: Rs 5,550
Post Office MIS: Important things
Under this scheme, you can deposit Rs 9 lakh in a single account and Rs 15 lakh in a joint account. In this, you have to invest for 5 years and you can also extend it for 5-5 years if you want.
After every year you will have this option that you can take the principal amount. In this scheme, the interest received from the post office is credited to your account every month. TDS is not deducted on investment in Post Office Monthly Income Scheme. However, the interest that comes in your hand is taxable.
What happens if the account is closed earlier?
If you want to stop investing in Post Office Monthly Savings Scheme before time, then you can do so after 1 year. But if you want to withdraw money before 1 year then it will not be possible. If you withdraw money in Post Office Monthly Savings Scheme anytime between 1 year to 3 years, then 2% TDS is deducted from the deposited amount and the amount is given to you.