Saturday, June 29, 2013

Post Office Monthly Income Schemes in India

The latest devaluation and revaluation of currency value is increased the living expenses in recent days. Recently the petrol and diesel prices, ration rates, transport fares etc. are increased and affecting the all people life style and living costs at greater percentage.

Today’s currency value changes are aware the importance of small savings, saving investments in good returns, yielding with or without investment risks. Available both no-risk (risk free), risk based savings and investment plans and schemes are helps in becoming a millionaire and to meet future needs or expenses. If you need regular monthly income, this monthly income scheme provides a regular monthly income to the investors or MIS account holders

Post Office Monthly Income Schemes (PO MIS)

Design a best small saving Investment Strategy with small amount of Investment options. PO MIS are good investment savings opportunities for small medium beginner investors and Senior citizens or retired investors wishing to get a fixed income along with high security and safety investing.

Post Office Monthly Income Schemes in short, POMIS are best small saving Investment opportunities in India. Buy a post office MIS at any post-office to get tax benefits. The earing interest income ensuring from a post-office MIS plan is subjected to tax deduction under Section 80L of the Income Tax Act, 1961.

Features of best small investment savings plan POMIS are as follows,

Tenure of PO MIS Investment

(Maturity period is 5 years)

Investment Limitations

(Minimum amount of investment is Rs.1500/-),  
(Maximum amount (for individual account) is Rs.4, 50,000 /-) and
(For joint account holders is Rs.9, 00,000 /-)

Mode of Interest Payment:

(On monthly basis, payable interest rate is 8% p.a)

Who can open MIS account?

(Any Indian citizen (Single account)
Joint account (Two or more)
Indian minors with parent/guardian)

Bonus on investment amount:

(No Bonus on Maturity w.e.f.  01-12-2011).

Other Features of Post Office Monthly Income Schemes (PO MIS) 

(Premature withdrawal is permitted from one year after onwards to investing date).
(MIS deposits are exempt from Wealth Tax)
(Nomination facility is available for this plan).
(One account for one individual).
(A separate account is opened for each deposit).
(Facility of reinvestment is there).
(Non-Resident Indian NRI / HUF are cannot open the MIS account)

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