Post Office Scheme: Post Office’s small savings schemes are quite popular for safe investments and excellent returns. The special thing is that these government schemes run by the post office are for everyone from children to the elderly. Whether it’s about accumulating a substantial fund or earning a regular income every month after retirement, these options are available. Today we are telling you about one such government scheme, in which if you make a lump sum investment along with your wife, then you can be assured of earning Rs 9,250 every month. This scheme is the Post Office Monthly Income Scheme (MIS) and the government is also providing good interest on it.
Guaranteed monthly income
If you’re planning to save some of your income and invest it in a scheme that will provide you with a regular monthly income, then the Post Office MIS Scheme is perfect for you. This scheme will generate an income of Rs 9,250 per month from interest alone. The government itself guarantees the safety of your investment, making it a risk-free investment option. You can open an account with just Rs 1,000.
The government is offering a robust interest rate of 7.40%. Anyone over the age of 18 can open an account under the Post Office MIS Scheme. It also offers the option of opening a joint account, allowing up to three adults to open an account together. Interest rates are offered at 7.40% on investments made under the Post Office MIS Scheme, with a maturity period of five years.
In terms of earnings, if you invest a maximum of Rs 15 lakh in a joint account, you will receive a guaranteed income of Rs 9,250 per month. Meanwhile, if you open a single account, you can deposit a maximum of Rs 9 lakh, earning you Rs 5,550 per month in interest. If you deposit Rs 15,000 every month, you will accumulate approximately Rs 9 lakh in 5 years. At the current interest rate of 6.7%, you will also earn interest of approximately Rs 1.7 lakh. This means that in 5 years, you can accumulate a fund of Rs 10.7 lakh, which is completely guaranteed and secure.
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