Question: What Is The Interest Rate Of MIS In Post Office?

What is the interest on 10 lakhs?

10 Lakh Home Loan Interest Rates It will give you roughly how much you have to pay for Interest & Total Amount with Interest.

Emi Calculated on 8.00%.

Banks which are offering 10 Lakh home loan amount at 8.00% rate of interest..

What is the current interest rate of MIS in post office?

Post office MIS Vs Bank FD Vs NSCPost Office MISBank Fixed DepositFixed rate of interest at 6.60%Rate of interest is fixed at 7% to 9%Guaranteed ReturnsAssured returnsNo TDS applicableTDS is applicableThere is an investment limitThere is no investment limit5 more rows•Sep 16, 2020

What is the maximum limit of MIS in post office?

Features of POMISAccount TypeMaximum LimitSingle AccountRs. 4.5 LakhJoint AccountRs. 9 LakhMinor AccountRs. 3 Lakh

Which scheme is best in post office?

Eight post office saving schemes, including fixed deposits, and public provident fund accounts, offer interest rates between 6.6% and 8.3%.Kisan Vikas Patra (KVP) … 15 year Public Provident Fund Account (PPF) … National Savings Certificates (NSC) … Sukanya Samriddhi Accounts. … Senior Citizen Savings Scheme (SCSS)More items…•

Is MIS of Post Office taxable?

Post Office Monthly Income Scheme does not offer any tax rebate under section 80C. Simply put, the amount invested in POMIS is not tax deductible. … There is no TDS on the Post Office MIS, but the interest income is taxable in your hands.

How much money is safe in post office?

However, post office term deposits are totally risk-free as they are backed by the government. Bank FDs are insured only up to R1 lakh. Section 80C. If you are looking for a safe investment, bank FDs are suitable for you.

Which bank is best for 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 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. … Under the Post Office monthly income scheme, investors can invest up to Rs 4.5 lakh individually and Rs 9 lakh jointly.

Can I double my money in 5 years?

The earlier it gets doubled, the sweeter it will be. To get your money doubled in five years, the CAGR needed will be nearly 15 per cent (more preciously 14.87 per cent). However, there is no guaranteed-return product that offers such a high rate of return and the only possible way to achieve this is by taking risk.

Is NSC or KVP better?

NSC Vs KVP: Which Saving Scheme is Better? … Both NSC and KVP are schemes promoted by Government of India to help individuals save their money. NSC is a savings instrument that offers the benefit of Investing as well as tax deduction. On the contrary, KVP does not offer benefits of tax deduction.

What is the interest of 1 lakh in SBI?

2.75%Interest Rates on Savings Bank DepositsSavings Bank deposit slabsExisting Rate of InterestSB Deposit accounts with balances upto Rs. 1 lakh2.75% p.aSB Deposit accounts with balances above Rs. 1 lakhi) 2.75% p.a. for balance upto Rs. 1 lakh ii) 2.75% p.a. for balance above Rs. 1 lakh.

Which is better MIS or FD?

A fixed deposit offers the lowest risk of any investment option whereas a MIS almost always carries some risk as a portion of the investment is in equities. On the plus side, you may get better than expected returns based on how the equities perform.

Which is the best MIS scheme?

Best Monthly Income Schemes for 2020Monthly Income PlansEntry Age (Minimum to Maximum)ICICI 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 yearsKotak Premier Income Plan3 years to 55 years17 more rows

Who can open MIS account in post office?

Eligibility: Any resident of India can open an account under Post Office Monthly Income Scheme by visiting the nearest branch of India Post. POMIS account can be easily transferable from one post office branch to another branch without any extra cost. NRIs are not allowed to avail the benefits of POMIS.

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 for monthly income?

6 Best Monthly Income Schemes In IndiaFixed Deposit. Undoubtedly one of the best and most low-risk income schemes is a bank Fixed Deposit (FD). … Post Office Monthly Income Scheme (POMIS) … Long-term Government Bond. … Corporate Deposits. … SWP from Mutual Funds. … Senior Citizen Saving Scheme.

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