Post office 5 year saving scheme | Nsc post office vs Mis | Post office monthly income scheme | NSC

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Post office MIS Scheme

Features of the POMIS scheme:

Maturity period- The maximum tenure of the Indian post office monthly income scheme is 5 years.

Benefits:
Capital Protection- As the Government backs it, the return is safe.Low-risk Investment- Post office monthly income schemes online have no risk involved in market capitalization.Lock-in Period- A minimum of 5 years is the lock-in period which can be withdrawn after maturity.Affordable Premium Amount- The premium per month is low compared to other schemes and easily payable.Unbeatable by Inflation- Even during inflation, an investor can get income monthly.Multiple Fund Owners- Multiple owners can own one account as joint holders.Ease of Transaction- The transaction of money, including deposits, and withdrawal is very easy.Good for Risk-averse Investors- Post Office Monthly Income Scheme is the best scheme for risk-averse investors who wants monthly income. It is favorable for those looking for long-term investment and regular income. For senior citizens, it is the best plan.


Details of Investment:
Single Account - the minimum amount to deposit is ₹ 1500 and the maximum is ₹ 9,00,000.
Joint Account – the minimum amount of investment is ₹ 1500 and the maximum is ₹ 15,00,000.
Minor Account - the minimum amount of investment is ₹ 1500 and the maximum is ₹ 3,00,000.


Maximum Investment Limit:
Single Account: ₹4,50,000; Joint Account: ₹9,00,000; Minor Account: ₹3,00,000

Notes:
For instance, if an investor invests ₹ 1,00,000 for 5 years with a monthly interest of 6.60%. Fixed monthly income according to the post office MIS scheme will be ₹ 550.
The post office monthly income scheme for senior citizens
The minimum lock-in period for the post office monthly income scheme is 5 years.

Eligibility
The applicant must be a citizen of India.

Application Process
Offline
To open an account under Post Office Monthly Income Scheme, follow the steps given below-

First, you must have a Post Office savings account. Open the same account if you do not have one
Mention the Name, DOB, and Mobile no. of the nominees (if any)
Proceed to make initial deposits (Minimum Rs.1000/-) via cash or cheque
Documents Required
Proof of Identity: Copy of government issued ID such as Passport / Voter ID card / Driving License/Aadhaar, etc.
Passport size photographs

What is National Savings Certificate?
You can invest in NSC from the nearest post office in your name, for a minor or with another adult as a joint account. NSC comes with a fixed maturity period of five years. There is nomaximum limit on the purchase of NSCs.

Features & benefits of NSC
Fixed income: Currently, the scheme is generating a guaranteed return at the rate of 7.7% for investors. The returns offered by NSC have generally been higher than FDs.
Tax saver: As a government-backed tax-saving scheme, you can claim up to Rs.1.5 lakh under the provisions of Section 80C of the Income Tax Act, 1961.
Start small: You can invest as low as Rs.1,000 (or multiples of Rs 100) as an initial investment, and increase the amount when feasible.
Loan collateral: Banks and NBFCs accept NSC as collateral or security for secured loans. To do this, the concerned postmaster should put a transfer stamp on the certificate and transfer it to the bank.

How to invest in NSC?
Previously, banks or post offices issued physical NSC certificates . This has been discontinued since 2016. At the moment, certificates can be bought either by electronic mode (e-mode) or Passbook mode.
Documents required to apply for NSC
Investors are required to submit:

Identity proof, such as a passport, permanent account number (PAN) card, driver's license, senior citizen ID, or any other official government identification
Photograph.
Address proof, like electricity bill, passport, phone bill, or bank statement.
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