Post Office Monthly Income Scheme: Features and Benefits
When we talk of investment schemes for salaried people in India, most people suggest FD or shares. Very few people are aware about the investment schemes offered by Post offices in India. One of such shcemes in MIS. Read this post for more information regarding Post Office Monthly Scheme.
When we talk about investment options with guaranteed returns the people generally think of Bank FD. However, there is another option for the investors where they can make a deposit in the Post office monthly income scheme (MIS). As the name of the scheme indicates, the investor gets monthly interest on the amount deposited in MIS. This is quite useful in situation like where you want to provide a certain sum of money to the family members for monthly expenses. Since the return is guaranteed (8%), there is not complexity involved as in case of mutual funds or share market. In this post, we will discuss the features and benefits of post office monthly income scheme.Features of Post Office Monthly Scheme
Here are some of the features 0f POMS :
How to Get Maximum Returns from the MIS Scheme
If you have invested the money in MIS scheme just to get guaranteed interest, you can put the monthly interest in an RD. You can open the RD in the post office itself. Also since you do not need the monthly interest for expenses, it is advised to opt for ECS facility so that you can get the interest automatically to your savings bank account.
Post office MIS is a good scheme and once it was very popular among the middle class investors. However, as the Post office is slowly moving to provide bank like services and due to computerisation, they have started to deduct TDS also on the matured investments and their rates of interest are also being revised on the downside. So the investments in Post office schemes are also losing their sheen. Yet I would say that still MIS is a good option for a sustained income every month from your investment.