Submit Workplace Month-to-month Earnings Scheme (POMIS): The publish workplace depository service contains a variety of plans that present mounted returns on funding. All of those schemes are topic to the sovereign assure, which signifies that this funding route is government-backed. Because of this, these plans are safer investments than fairness shares and lots of fixed-income decisions.
What’s Submit Workplace MIS?
This is without doubt one of the highest-earning schemes of the publish workplace which supplies an rate of interest of seven.4 per cent.
Via this scheme, traders can withdraw cash month-to-month. This scheme, like different publish workplace schemes, is acknowledged and validated by The Ministry of Finance.
Most restrict to take a position on this scheme
You’ll be able to deposit a most of Rs 9 lakhs within the scheme. Even when you’ve got the plan at many publish workplaces, the overall of your contributions can not exceed Rs 9 lakh. Nonetheless, you can too open a joint account with two or three folks whereby you possibly can make investments an combination sum of as much as Rs 15 lakh.
Lock-in interval
While you open a Month-to-month Earnings Scheme (MIS) account with a publish workplace, you can’t withdraw the quantity deposited in such account earlier than 5 years.
Withdraw cash in an emergency
An investor can’t withdraw cash earlier than one yr underneath this scheme in any circumstances. Nonetheless, after one yr, you are able to do pre-mature closure of the scheme and you’ll have to pay a penalty for that.
How a lot penalty for pre-mature closure?
For those who withdraw cash between one yr and three years, then 2 per cent of the deposit quantity will likely be deducted and returned. Whereas if you wish to withdraw cash between 3 years to five years, then the deposit quantity is returned to you after deducting 1 per cent from the deposited quantity. On the similar time, after the completion of 5 years, you get your complete quantity again.
What’s the earnings on deposits of Rs 5 lakh, 9 lakh, and 15 lakh?
In line with the Submit Workplace MIS Calculator, in case you deposit Rs 5 lakh in publish workplace MIS, then you’ll earn Rs 3,083 each month on the price of seven.4 per cent curiosity. Whereas in case you make investments a most of Rs 9 lakh, you possibly can earn Rs 5,550 per 30 days. For those who make investments Rs 15 lakh in a joint account, then you possibly can earn Rs 9,250 each month by this scheme.
