Those who are looking for a safe and constant stream of income, it would not be wrong to say that post office MIS calculator is something they need to know. But before we talk about the calculator, it is important that we should talk about this scheme, which will give you a guaranteed return on your investment.
If we talk about this scheme, it is very popular among people of rural as well as urban areas. With the help of opening an account, you can generate a steady monthly income source. So, let’s just know more about the same in the article below.
Monthly Income Scheme
This scheme can be opened with a minimum deposit of ₹1,500. The maximum amount an individual can accept under the scheme is ₹4,50,000 and in case of a joint account, the maximum investment is ₹9,00,000. And, as far as a tenure is concerned, it stands for a period of 5 years, wherein a customer opening the deposit gets the benefit of regular monthly income. Moving on with the topic, next in the list comes nothing but the interest rates. Yes, on the deposited amount that ranges between ₹1,500-₹9,00,000, the rate of interest an individual enjoys stands at 7.30% per annum payable monthly.
Now that you know the basic, it is important that we should go deep into the matter and talk about the calculator first. This online tool is specifically designed to assist the people in calculating the Interest accrued on the deposit and amount of monthly Interest that is to be credited to the depositor’s account. In order to know the calculation, the customer has to insert the values into the calculator, i.e. Investment Amount, Tenure and Interest Rate in the calculator. Soon after entering the relevant values into the post office MIS calculator, you simply need to click on the submit button and result will be displayed on the screen.
Another important that on which we need to pay attention is none other than the eligibility criteria. One should be aware of the same before opening an account there. Take a look at the points below:
- Minor through the Guardian
How to Open
The account can be opened at any head or general post office. An individual needs to follow the procedure, wherein he needs to have a savings account in the post office to link the monthly payout. To open the MIS account, an individual needs to have the following documents:
- 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)
The candidates are required to carry original identity proof for verification at the time of account opening.
Hope this article was worth reading for you and you will keep the above facts in mind while opening this account in the future.