Post Office Scheme: The Indian Postal Department has been providing safe and reliable savings schemes to the citizens of the country for years. One of these schemes is the Monthly Income Scheme, known as Post Office MIS. This scheme is extremely useful for those who want a fixed and stable income every month by investing once. The special feature of Post Office MIS is that the interest earned is transferred directly to the investor’s savings account and requires no additional procedures.

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Why Post Office MIS is considered reliable

The Monthly Income Scheme is one of the most popular small savings schemes at the Post Office because its investments are guaranteed by the government. This scheme offers an annual interest rate of 7.4 percent, which is paid out steadily regardless of market fluctuations. Therefore, it is suitable for those who want a safe income while remaining risk-averse. Investors make a one-time deposit and receive a fixed monthly interest income for the next five years.

How much can you invest in MIS?

Under this scheme, an account can be opened with a minimum of ₹1,000, while the maximum investment limit is ₹9 lakh. For joint accounts, up to three people are allowed to open a joint account, and a maximum of ₹1.5 lakh can be deposited in such an account. Interest earned in a joint account is considered to be jointly earned by all the people involved.

A fixed monthly income for a ₹9 lakh deposit

If a person deposits ₹9 lakh in the Post Office MIS scheme, they receive a fixed interest of approximately ₹5,550 every month. This interest is transferred regularly to their savings account for a period of five years. The scheme matures in five years, after which the principal amount is returned to the investor.

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Requirements for opening an account

To open a Post Office MIS account, you must first have a savings account with the Post Office. If you don’t have a savings account, you must open one first, only then can you invest in the Monthly Income Scheme. The process is simple and can be easily completed at any nearby post office.