Post Office: You can earn ₹9,250 every month from Post Office MIS for 5 years, but if you want to continue earning further, what is the way?

Post Office Monthly Income Scheme is a monthly income scheme. This scheme is considered very good for senior citizens. If you do not have any arrangement for regular income after retirement, then you can arrange regular income for yourself through interest by investing a lump sum amount in this scheme. Through this scheme, one can earn up to ₹ 9,250 every month for 5 consecutive years. But if a person wants to continue earning even after 5 years, is there any way for it? Here are the special things related to this scheme-

How much amount can be deposited?
In this scheme of Post Office, different limits of deposit have been fixed for single and joint accounts. A maximum of Rs 9,00,000 can be deposited in a single account and a maximum of Rs 15,00,000 can be deposited in a joint account.

How much interest is given
In Post Office MIS, interest is given at the rate of 7.4%. Your income is decided based on the amount deposited. If you deposit Rs. 9,00,000 in the account, then at the rate of 7.4% interest, you can earn up to Rs. 5,550 per month. On the other hand, if you open a joint POMIS account with your wife or any family member and deposit Rs. 15,00,000 in it, then you can earn a maximum of Rs. 9,250 per month.

The account is opened for 5 years.
The POMIS account is open for 5 years. Whatever amount you deposit, it remains deposited for 5 years. You earn from the interest received on that deposit for 5 years and after 5 years your deposit amount is returned to you.

If you want to earn even after 5 years…
There is no extension rule in this scheme of post office. If you want to continue earning through this, then after maturity you can withdraw the amount and open a new account, and by depositing the amount again, you can arrange for income again for the next 5 years.

Who can open an account?
Any citizen of the country can open an account in the Post Office Monthly Income Scheme. The account can also be opened in the name of a child. If the child is less than 10 years old, then his parents or legal guardians can open an account in his name. When the child is 10 years old, he can also get the right to operate the account himself. Let us tell you, for an MIS account you must have a savings account in the post office. It is mandatory to provide an Aadhaar card, and PAN card for ID proof.