Post Office MIS Scheme: Post Office small savings schemes are backed by the government, making them safe investment options. One such scheme is the Monthly Income Scheme (MIS). This scheme is specifically designed for investors who want a fixed monthly income by investing a lump sum. After investing in this scheme, you don’t have to worry about market fluctuations and receive a regular income for a fixed period.
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Interest is credited to the account every month
When you invest in the Post Office MIS, you receive interest on your deposit every month. This interest is directly transferred to the investor’s account. The scheme has a maturity period of 5 years. Throughout this period, you receive a fixed income every month, and upon maturity, your principal amount is returned. Any Indian citizen is eligible to invest in this scheme.
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How much money can be deposited?
Both single and joint accounts can be opened under this scheme. The minimum investment to open an account is ₹1000. A maximum of ₹9 lakh can be invested in a single account. Through a joint account, a maximum of ₹15 lakh can be deposited. Joint accounts are especially beneficial for families who want to generate a regular income from their savings.
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Interest rate on Post Office MIS
Currently, the Post Office Monthly Income Scheme offers an annual interest rate of 7.40 percent. This interest is paid to the investor every month. If an account holder does not withdraw the interest amount in any given month, no additional interest is paid on it. Therefore, it is important to claim the interest on time for a regular income.
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Monthly income on an investment of ₹14 lakh
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If both husband and wife have good savings, they can open a joint account and earn a better monthly income through the Post Office MIS. Let’s say they both invest ₹14 lakh together; this amount will generate a monthly income of approximately ₹8,633. This income will continue for the entire 5-year period. After maturity, the entire principal amount is returned to the investor, making this scheme safe and reliable.