The limit for investment in the Post Office MIS has been increased by 50%.
The investment limit in the Post Office Monthly Income Scheme (MIS) has been increased by 50%.
(To know all about PO MIS, please read “Post Office Monthly Income Scheme (PO MIS)”)
For individual accounts, the limit for investment has been raised to Rs. 4.5 Lakhs from Rs. 3 Lakhs.
For joint accounts, this limit has been raised to Rs. 9 Lakhs from Rs. 6 Lakhs.
The Post Office Monthly Income Scheme (MIS) gives 8% per annum interest on investment, paid out every month. There is no tax deduction on either the investment or the interest. The investment is for a period of 6 years.
The PO MIS scheme gives 8%, virtually risk free returns. Therefore, it was very popular among investors till very recently, when the market rates were much lower than that. Now, it has become less popular, as banks have started giving 9% – 9.5% interest on Fixed Deposits (FDs).
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