Post Office FD: At the post office, you can establish a savings account, create a TD account similar to FD, and set up an RD account. Furthermore, you can also put your money into various kinds of investment plans available at the post office. Today we will discuss one specific post office scheme that allows you to earn monthly from home with just a one-time investment.
Post Office monthly income scheme
Indeed, we are discussing the Monthly Income Scheme (MIS) offered by the post office. Post Office MIS is a program that involves a one-time investment. In this plan, you can invest at least Rs 1000 and up to Rs 9 lakh. If you wish to open a joint account within this scheme, you may also invest a maximum of Rs 15 lakh in it. You receive a yearly interest of 7.4 percent from the Post Office MIS scheme, and the interest is credited to your bank account each month.
This postal service plan includes a lock-in duration of 5 years. Nonetheless, in specific situations, you have the option to terminate your account and retrieve funds even prior to 5 years.
A joint account
If you are married, you can create a joint account in the MIS scheme with your spouse. Under the MIS plan, you are allowed to invest Rs 15 lakh in a joint account alongside your wife. If you invest Rs 15 lakh, a consistent interest of Rs 9250 will be credited to your bank account each month for 5 years. Once 5 years have passed, the full amount of Rs 15 lakh that you deposited will be transferred to your bank account. We would like to inform you that this is a government program, managed by the post office under the oversight of the central government.