Post Office MIS Scheme: Investment is a means by which people secure their family’s future. This is to help them deal with future challenges more easily. If you’re also looking to ensure your family’s future, there’s a great scheme available that provides a regular monthly income. The special feature of this scheme is that investors must invest a lump sum of money. After this, interest is earned on a fixed amount every month.
We’re talking about the Post Office Monthly Income Scheme. This scheme offers many benefits to investors, including safe investments and excellent returns. If you invest in this scheme, you’ll need to deposit ₹4 lakh. After this, you’ll receive a fixed monthly interest rate.
Learn how much interest is being earned
This Post Office Scheme currently offers an annual interest rate of 7.4%. You can invest a minimum of ₹1,000 in this scheme. The maximum investment limit is ₹9 lakh. Opening a joint account in the Post Office MIS scheme allows you to invest up to ₹15 lakh. Three people can open a joint account.
The account will mature in 5 years
The Post Office Monthly Income Scheme requires a single investment. After this, the monthly interest will accrue to your account. The investment in this account matures in 5 years. Upon maturity, all funds are deposited into your bank account. If you open an account with your wife by investing ₹4 lakh, you will receive a monthly interest of ₹2,467.
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How to open an account
To open an account under the Post Office Monthly Income Scheme, you must have an account with a post office. If you don’t have a post office savings account, you must first open one. Only after this can you open a monthly income account. All your money is safe at the post office because this is a government-backed scheme.
