Question: Can I Break MIS In Post Office?

Can a minor open MIS account in post office?

There are no income tax benefits available for investing in the Post Office MIS account.

The Post Office Monthly Income Scheme (POMIS) account can be opened in the name of a minor.

Minors can operate the account from the age of 10 years.

It can also be opened on a joint basis..

Is Post Office MIS good?

Post office offers POMIS among a host of banking products and services, under the purview of the Finance Ministry. Hence, it is highly reliable. It is a low-risk MIS and generates a steady income. You can invest up to Rs.

Can I open multiple MIS account in post office?

Any number of MIS accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts.

Which is the best MIS scheme?

6 Best Monthly Income Schemes In IndiaFixed Deposit. Undoubtedly one of the best and most low-risk income schemes is a bank Fixed Deposit (FD). … Post Office Monthly Income Scheme (POMIS) … Long-term Government Bond. … Corporate Deposits. … SWP from Mutual Funds. … Senior Citizen Saving Scheme.

Can I double my money in 5 years?

Similarly, if you want to double your money in five years, your investments will need to grow at around 14.4% per year (72/5). If your goal is to double your invested sum in 10 years, you should invest in a manner to earn around 7% every year. Rule of 72 provides an approximate idea and assumes one time investment.

What is the maximum limit of MIS in post office?

4.5 lakhIn a Monthly Income Scheme (MIS) account, the maximum investment limit is Rs 4.5 lakh in a single account and Rs 9 lakh in a joint account, according to India Post.

What is interest rate of MIS in post office?

6.6%Post Office MIS Scheme MIS interest rate in the post office is 6.6%. The lock-in period of POMIS is 5 years. The minimum deposit amount is ₹ 15,000 and the maximum amount is ₹ 4.5 lakhs for single accounts and ₹ 9 lakhs for joint accounts.

Which bank is best for MIS?

Interest rates on Monthly Income FD SchemesTop banks monthly income FD interest ratesBankInterest rateTenure rangeKotak Mahindra Bank4.75% to 5.25%365 days to 389 daysIDFC FIRST Bank6.50% to 7.00%181 days to less than 1 yearUnion Bank of India4.50%181 days to less than 1 year2 more rows

Can I open post office MIS online?

The Post Office has launched an online investment facility for several of the schemes and accounts that you can open with it. The facility has been made available for Post Office Savings Account, Post Office Term Deposit, Recurring Deposit, Public Provident Fund (PPF) and National Savings Certificate (NSC).

How do I withdraw my MIS from the post office?

The money can be withdrawn in two ways, either directly from post office or get it credited in your savings account through ECS. The money is usually meant to be withdrawn on a monthly basis.

Which is better MIS or FD?

The cash flow earnings from a MIS can vary over time as the earnings vary with market fluctuations. So if you are looking to get surety in terms of interest, an FD is right for you; if you are open to ups and downs in the money you make, choose MIS.