Post Office MIS Scheme: Nowadays, everyone thinks about investing. Investing is also essential. If you invest in the right place, you can get a good return. For this, the Post Office scheme can prove to be a boon. There is no risk in investing in Post Office schemes. This is a government-backed scheme, so the investment is considered safe.
Currently, these Post Office schemes are offering good interest rates, which has significantly increased investor interest in them. One such popular Post Office scheme is the Monthly Income Scheme (MIS), which provides a fixed income every month.
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Fixed Monthly Income on a Lump-Sum Investment
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The Monthly Income Scheme is beneficial for those who have a lump sum amount and want a regular income from it. In this scheme, you only have to deposit money once. After that, the interest amount is transferred to your account every month. The maturity period of this scheme is 5 years, which means you receive a fixed income every month for the entire five years.
Interest is Credited to the Account Every Month
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In the Post Office MIS, the interest amount is deposited directly into the account holder’s account every month. According to the current rules, you can earn a maximum income of up to Rs 9,250 per month from this Post Office scheme. After maturity, the principal amount invested is returned. Any Indian citizen can open an account in this scheme.
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How Much Can Be Invested?
In this scheme, investors can open a single or joint account according to their needs. Investment in this scheme can be started with a minimum of Rs 1,000. A maximum of Rs 9 lakh can be deposited in a single account and a maximum of Rs 15 lakh in a joint account.
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What is the Interest Rate?
Currently, the Post Office Monthly Income Scheme is offering an interest rate of 7.40 percent per annum. It is important to note that if an account holder does not withdraw the monthly interest on time, no additional interest will be earned.