Post Office MIS: Want to withdraw money from this scheme that gives Rs 9,250 monthly pension on Rs 15 lakh deposit? Know what you can do

Post Office Monthly Income Scheme (POMIS): The post office depository service includes a wide range of plans that provide fixed returns on investment. All of these schemes are subject to the sovereign guarantee, which means that this investment route is government-backed. As a result, these plans are safer investments than equity shares and many fixed-income choices.

What is Post Office MIS?

This is one of the highest-earning schemes of the post office which provides an interest rate of 7.4 per cent.

Through this scheme, investors can withdraw money monthly. This scheme, like other post office schemes, is recognised and validated by The Ministry of Finance.

Maximum limit to invest in this scheme

You can deposit a maximum of Rs 9 lakhs in the scheme. Even if you have the plan at many post offices, the total of your contributions cannot exceed Rs 9 lakh. However, you can also open a joint account with two or three people wherein you can invest an aggregate sum of up to Rs 15 lakh.

Lock-in period

When you open a monthly income scheme (MIS) account with a post office, you cannot withdraw the amount deposited in such account before 5 years. 

Withdraw money in an emergency

An investor can not withdraw money before one year under this scheme in any circumstances. However, after one year, you can do pre-mature closure of the scheme and you will have to pay a penalty for that.

How much penalty for pre-mature closure?

If you withdraw money between one year and three years, then 2 per cent of the deposit amount will be deducted and returned. Whereas if you want to withdraw money between 3 years to 5 years, then the deposit amount is returned to you after deducting 1 per cent from the deposited amount. At the same time, after the completion of 5 years, you get the entire amount back.

What is the income on deposits of Rs 5 lakh, 9 lakh, and 15 lakh?

According to the Post Office MIS Calculator, if you deposit Rs 5 lakh in post office MIS, then you will earn Rs 3,083 every month at the rate of 7.4 per cent interest. Whereas if you invest a maximum of Rs 9 lakh, you can earn Rs 5,550 per month. If you invest Rs 15 lakh in a joint account, then you can earn Rs 9,250 every month through this scheme.