Question: What Is Post Office MIS Scheme?

Which bank gives highest interest rate on MIS?

Interest rates on Monthly Income FD SchemesTop banks monthly income FD interest rates for senior citizensBankInterest rateTenure rangeUnion Bank of India4.50%181 days to less than 1 yearFederal Bank5.25%271 days to less than 1 yearKotak Mahindra Bank5.25%365 days to 389 days1 more row.

What is the interest rate of MIS in post office?

Interest Rate and Taxability on Different Savings SchemesList of SchemesInterest Rate and ReturnPost Office Recurring Deposit Account5.8% p.a. on individual/joint accountsPost Office Times Deposit Account5.5% (1 to 3 years) and 6.7% ( 5 year)Post Office Monthly Income Savings Account (MIS)6.6% per annum payable monthly6 more rows•Sep 16, 2020

How much interest will 10 lakhs earn?

Formula of Calculation of EMILoan amountInterest RateEMI per month5 Lakh8.35%Rs. 6,15910 Lakh8.50%Rs. 9,84715 Lakh8.60%Rs. 13,11220 Lakh8.70%Rs. 17,610

Which is the best MIS scheme?

Best Monthly Income Schemes for 2020Monthly Income PlansEntry Age (Minimum to Maximum)HDFC Life Super Income Plan30 days to 59 yearsICICI Pru Cash Advantage0 year to 60 yearsIDBI Federal Life Insurance Guaranteed Income Plan8 years to 50 yearsIndiaFirst Life Guaranteed Monthly Income Plan18 years to 50 years17 more rows

Is Post Office MIS good?

Post office offers POMIS among a host of banking products and services, under the purview of the Finance Ministry. Hence, it is highly reliable. It is a low-risk MIS and generates a steady income. You can invest up to Rs.

Which scheme is best in post office?

3. Comparison of the various Post office savings schemesSchemeInterest RatePost Office Monthly Income Scheme Account (MIS)7.6% per annum payable monthlySenior Citizen Savings Scheme (SCSS)8.6% p.a. (Compounded annually)15-year Public Provident Fund Account (PPF)7.9% p.a. (Compounded annually)5 more rows•Nov 4, 2020

Can I break MIS in post office?

If one withdraws after one year and before completing three years, he/she will get deposit back after deduction of 2% as penalty. For withdrawing deposit after 3 years, India Post will deduct 1% from the amount accumulated in the account. No tax benefit: POMIS does not enjoy any tax breaks.

Is MIS good investment?

Seasoned investors consider MIS to be one of the smartest investment plans to park funds as it gives you three merits – keeps your capital intact, yields better returns than debt instruments and assures a fixed monthly income. Urban investors are often reluctant to make an investment in POMIS.

What is Post Office MIS plan?

The Post Office Monthly Income Scheme (MIS) is a low-risk investment scheme offering steady income and, hence, is suited for conservative investors and senior citizens. … With MIS, investors earn guaranteed interest returns every month.

What is the maximum limit of MIS in post office?

In a Monthly Income Scheme (MIS) account, the maximum investment limit is Rs 4.5 lakh in a single account and Rs 9 lakh in a joint account, according to India Post. The investment must be done in multiples of ₹ 100. The maturity period of MIS account is 5 years.

Which is better MIS or FD?

The cash flow earnings from a MIS can vary over time as the earnings vary with market fluctuations. So if you are looking to get surety in terms of interest, an FD is right for you; if you are open to ups and downs in the money you make, choose MIS.