It is required to have a account in Post office for MIS scheme

To invest in the Monthly Income Scheme (MIS) offered by the Indian Postal Service, it is not mandatory to have an account with the post office. However, you will need to have a savings account with the post office to be able to invest in this scheme.

If you do not already have a savings account with the post office, you will need to open one before you can invest in the MIS scheme. You can do this by visiting your nearest post office branch and filling out the necessary paperwork.

Once you have a savings account, you can then invest in the MIS scheme by filling out the application form and submitting it to the post office. The interest earned on your investment will be credited directly to your savings account.

Investing in the Monthly Income Scheme (MIS) offered by the Indian Postal Service can be a good option for those looking to earn a regular income on their investment. The scheme is low-risk and offers a guaranteed return, making it an attractive option for conservative investors.

To invest in the MIS scheme, you will need to have a savings account with the post office. If you do not have one already, you can open a savings account by visiting your nearest post office branch and filling out the necessary paperwork. The account can be opened with a minimum deposit of Rs. 500.

Once you have a savings account, you can invest in the MIS scheme by filling out the application form and submitting it to the post office. The minimum investment amount for the scheme is Rs. 1,000, and the maximum investment amount is Rs. 4.5 lakh for a single account and Rs. 9 lakh for a joint account.

The tenure of the scheme is 5 years, and the interest rate is currently 6.6% per annum. The interest is paid out monthly and is credited directly to your savings account. It is important to note that the interest earned on the investment is taxable, and tax will be deducted at source if the interest earned exceeds Rs. 10,000 in a financial year.

One of the benefits of the MIS scheme is that it is backed by the Government of India, making it a safe investment option. Additionally, there are no market risks involved, and the returns are guaranteed, making it a good option for those looking for a regular source of income.

In conclusion, investing in the Monthly Income Scheme offered by the Indian Postal Service can be a good option for those looking for a low-risk, guaranteed return investment. It is important to have a savings account with the post office to invest in the scheme, and the interest earned on the investment is taxable. However, with its attractive interest rate and government backing, the MIS scheme is definitely worth considering for conservative investors looking to earn a regular income.