People are often looking for a smooth and secure investment process. There are many government-guaranteed schemes, but most of them are based on monthly investment, which can be a little hard to manage. To solve this problem, there is a fine way for you.

Nowadays, everyone wants to invest or save money in some way. One of the first things that comes to mind is post office savings schemes. The post office offers a variety of schemes for everyone, including children, girls, and the elderly. This is because most post office schemes are risk-free. Your money invested here is safe. Furthermore, the interest rates offered are attractive, guaranteed by the government. Who is the Monthly Income Scheme (MIS) best suited for?

Who can be the ideal account holder for the scheme

This scheme is ideal for retired senior citizens and housewives. You need to deposit a lump sum amount for 5 years. From the date of your deposit, the post office will start paying you interest every month. This scheme currently offers an interest rate of 7.4% per annum, which is higher than banks. Your deposit amount will remain the same, and interest will be credited to your post office account every month. For example, if you invest ₹1 lakh, you will earn approximately ₹616 in interest each month. Similarly, if you invest ₹5 lakh, you will earn approximately ₹3,083 in interest each month. Your interest will depend on the amount you invest. You can start investing in this scheme with as little as ₹1,000. There is no maximum limit.

Rules to invest in the Post Office scheme

If you open an account in the name of one person, you can deposit a maximum of ₹9 lakh. If you open an account with two or three people (i.e., a joint account), you can invest a maximum of ₹15 lakh. How to earn Rs 5,550 per month? If you invest a maximum of Rs 9 lakh in a single account, you will receive exactly Rs 5,550 per month at an annual interest rate of 7.4%. You will receive regular interest every month for the duration of this plan, which is 5 years. After 5 years, you will receive back the entire original amount (for example, Rs 9 lakh). You can use this money for your own purposes or reinvest it in the same monthly income scheme (MIS) over the years to continue earning monthly income.

Desclaimer: For any financial invest anywhere on your own responsibility, Times Bull will not be responsible for it.