MIS vs SCSS: If you are a senior citizen and want to invest your money safely while receiving a regular monthly income, then some Post Office schemes might be the right option for you. Two schemes, in particular, stand out: the Monthly Income Scheme (MIS) and the Senior Citizen Savings Scheme (SCSS). In both of these Post Office schemes, your money remains safe, and you receive a regular income through interest. Additionally, your principal amount is returned at maturity. The special feature of these schemes is that they offer excellent returns along with secure investment, as they are government-backed schemes.
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Investing in the Monthly Income Scheme (MIS)
The Post Office Monthly Income Scheme allows you to invest for a period of 5 years. During this time, you receive a fixed income every month in the form of interest. The annual interest rate for MIS is 7.4 percent. For example, if you invest ₹5 lakh in MIS, you will receive approximately ₹3,083 every month. Over 5 years, your total interest earnings will be approximately ₹1.80 lakh.
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Investing in the Senior Citizen Savings Scheme (SCSS)
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The Senior Citizen Savings Scheme is exclusively for individuals aged 60 years and above. This scheme also has a maturity period of 5 years, and the invested amount is returned in full at the end. In SCSS, interest is paid quarterly, and the annual rate is 8.2 percent. If you invest ₹5 lakh in SCSS, you will receive ₹10,250 in interest every quarter. Over 5 years, your total interest earnings will be approximately ₹2.05 lakh.