If your child’s age is 10 years or more, then you can open a Post Office MIS account in his name. You can earn interest every month by depositing a lump sum in this account.
Post office schemes are beneficial for those people who want profits with less risk. MIS of the post office is such a savings scheme in which you will be able to take advantage of it in the form of interest every month by investing once.
There are many benefits of this account (Post Office Saving Scheme). This account can also be opened in the name of children above 10 years of age. If you open this special account (Post Office Monthly Income Scheme) in the name of your children, then you can pay the tuition fee for the interest you will get every month. Let us know all the details of this scheme.
Where and how to open an account
You can open this post office account (Post Office Monthly Income Scheme Benefits) by going to any post office.
Under this, a minimum of Rs 1000 and a maximum of Rs 4.5 lakh can be deposited.
At present, the interest rate under this scheme (Post Office Monthly Income Scheme Interest Rate 2021) is 6.6 percent.
– If the child’s age is more than 10 years, then you can open this account (MIS Benefits) in his name and if it is less then the parent can open this account instead. The maturity of this scheme is of 5 years. After that, it can be turned off.
Calculation will be like this
If your child is 10 years old and you deposit Rs 2 lakh in his name, then every month your interest will become Rs 1100 at the current rate of 6.6 percent. In five years, this interest will become a total of 66 thousand rupees and in the last, you will also get a return of 2 lakh rupees (Post Office Monthly Income Scheme In Hindi). In this way, for a small child, you will get 1100 rupees which you can use for his education. This amount can become a good help for the parent.
1925 rupees will be available every month
The specialty of this account (Post Office Monthly Income Scheme Calculator) is that it can be opened as a joint account with a single or three adults. If you deposit Rs 3.50 lakh in this account, then you will get Rs 1925 every month at the current rate. This is a huge amount for the children studying in the school.
With the money of this interest (Post Office Monthly Income Scheme For Children), you can easily withdraw the expenses of school fees, tuition fees, pen-copy. On depositing the maximum limit of this scheme i.e. 4.5 lakhs, you can take benefit of Rs 2475 every month.