Post Office Scheme: The post office has been serving the people of India for over 251 years, having established its first branch in Calcutta on March 31, 1774. In addition to traditional postal services, the post office now offers a variety of banking services. Notably, certain post office schemes provide higher interest rates compared to banks.
Allows you to earn a monthly income through investment
Today, we will discuss one such scheme that allows you to earn a monthly income through investment. By participating in this scheme, you can receive a fixed monthly interest of Rs 5,550. The Post Office Monthly Income Scheme (MIS) requires a one-time lump sum investment, ensuring that interest payments are credited to your account each month.
How to make investment in this scheme
You can open an account in this scheme with a minimum deposit of Rs 1,000, while the maximum investment allowed is Rs 9 lakh. For joint accounts, the limit is Rs 15 lakh, and up to three individuals can be included. Currently, the Post Office MIS offers an annual interest rate of 7.4%, which is disbursed monthly. This scheme has a lock-in period of five years; however, in certain situations, you may close the account and withdraw your funds.
How to claim Rs 5,550 every month from this Post Office Scheme
To enroll in the MIS scheme, you must also possess a post office savings account. If you invest Rs 9 lakh, you will receive a guaranteed monthly interest of Rs 5,550 for five years. At the end of this period, your initial investment of Rs 9 lakh will be returned, along with a total interest of Rs 3,33,000 accrued over the five years.