Are you looking for a government scheme that offers safe, guaranteed returns and a fixed monthly income. The Post Office Monthly Income Scheme (MIS) is perfect for you. Your money is 100% safe in this robust scheme, as it’s fully government-backed. You deposit money once and earn a fixed interest every month for the next five years. Currently, the Post Office MIS offers a guaranteed interest rate of 7.4%. This scheme is especially beneficial for retired individuals or investors who need regular income for household expenses.
Guaranteed Monthly Income from the MIS Scheme
The most important feature of the Monthly Income Scheme is its guaranteed returns, which ensure the security of your investment. If you open a joint account, you can deposit up to ₹15 lakh. At an interest rate of 7.4%, you’ll earn a guaranteed monthly income of ₹9,250. If you open a single account, you can deposit a maximum of ₹9 lakh, earning a monthly interest of ₹5,550. This scheme is the safest and most reliable plan for those who avoid risky options like the stock market.
Simple Process to Open an MIS Account
Opening a Post Office MIS account is a simple and easy process that anyone can complete. You need to visit your nearest post office. If you don’t already have a savings account there, you’ll first need to open one. Afterward, you simply fill out the MIS form and deposit your investment amount (starting with a minimum of ₹1,000) via cash, check, or bank draft. This monthly income plan is for 5 years, meaning your money matures in 5 years.
What are your options after maturity
When your MIS scheme matures in 5 years, you have two main and beneficial options. The first option is to withdraw your entire principal amount. In 5 years, you will have earned a substantial amount in interest. The second option is to renew the scheme for another 5 years. This will ensure your monthly income continues as before, ensuring a regular flow of income.