Nowadays, everyone wants that some part of their earnings should be safe and a fixed return should be received on it every month. In such a situation, the Monthly Income Scheme (MIS) of the Post Office is a great option. This scheme gives you a fixed income every month, so that you can easily run your small expenses. In this article, we will know how you can invest in this scheme and what benefits you will get from it.
What is the Post Office MIS Scheme
MIS (Monthly Income Scheme) is a savings scheme of the post office, in which you have to deposit a lump sum amount, and in return, you get a fixed interest every month. This scheme is especially for those people who want to make a fixed source of income every month by investing a lump sum.
At present, an interest of 7.4% is being received annually on the MIS of the post office.
You can deposit at least ₹ 1,000 in this scheme.
A maximum of ₹9 lakh can be deposited in a single account and a maximum of ₹15 lakh in a joint account. A maximum of 3 people can join a joint account.
This scheme matures in 5 years.
How does the MIS scheme work?
Suppose you have invested a maximum of ₹9 lakh in an account in the MIS scheme. At an annual interest rate of 7.4%, you will get an interest of ₹66,600 every year. If you divide this amount into 12 months, you will get an interest of ₹5,550 every month. This interest will be credited directly to your post office savings account every month.
Investment and monthly income calculation:
Investment: ₹9,00,000
Annual interest (7.4%): ₹66,600
Monthly interest: ₹5,550
Special features of the scheme
This is a government scheme, so your money is completely safe. Every month, you get a fixed income, so that you can manage your budget in a better way. After completion of 5 years, your entire deposit amount is returned to your savings account. This scheme can become a support for you, so that not only your earnings will be safe, but you will also get a fixed amount every month.