Post Office Attractive Scheme, One-Time Investment, Guaranteed Fixed Monthly Income

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Post Office Attractive Scheme: For decades, the Indian Post Office has not only been limited to postal services but has also been providing reliable banking services to millions of people across the country. Especially for the middle class and lower-income groups, post office savings schemes are still considered a strong and secure investment option. Low risk, government guarantee, and stable returns have made post office schemes popular among investors.

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What is the Post Office Monthly Income Scheme?

The Post Office Monthly Income Scheme (MIS) is designed for investors who want a fixed monthly income by depositing a lump sum amount. In this scheme, the investor does not need to make repeated deposits. As soon as the account is opened, the interest earned on the investment starts being credited to the account on a fixed date every month, making it easier to manage regular expenses.

MIS Scheme Offers 7.4 Percent Annual Interest

Currently, the Post Office Monthly Income Scheme offers an annual interest rate of 7.4 percent. The interest is calculated annually but paid monthly. The minimum investment in this scheme is Rs. 1000. A single account allows a maximum deposit of up to Rs. 9 lakh, while a joint account allows investments up to Rs. 15 lakh. A joint account can have a maximum of three account holders.

Interest is Credited Directly to the Account Every Month

The biggest advantage of the MIS scheme is that the interest earned is transferred directly to the investor’s account every month. This makes the scheme extremely useful after retirement or as a source of regular income. The interest amount is credited to the Post Office Savings Account, which can be easily accessed when needed.

The Scheme Matures in Five Years

The maturity period of the Post Office Monthly Income Scheme is five years. Upon completion of five years from the date of opening the account, the entire principal amount invested is returned to the investor. There is no risk at the time of maturity as this scheme is fully covered by a government guarantee.

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Requirements for opening an MIS account

To open an account under the Monthly Income Scheme (MIS), it is mandatory to have a savings account at the post office. If a person does not already have a savings account at the post office, they must open one first. Only then can an MIS account be opened, as the monthly interest amount is transferred to this savings account.

About the Author

Rohit P

My name is Rohit Pal, and I have been working in the field of journalism for the past five years. During this time, I have written on a variety of topics, including business, automobiles, technology, and politics. I have worked with several major organizations and am currently working with Timesbull.

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Rohit@timesbull.com Author at TimesBull TimesBull
My name is Rohit Pal, and I have been working in the field of journalism for the past five years. During this time, I have written on a variety of topics, including business, automobiles, technology, and politics. I have worked with several major organizations and am currently working with Timesbull.
Rohit P - Author at TimesBull
About the Author

Rohit P

Rohit P - Author at TimesBull

My name is Rohit Pal, and I have been working in the field of journalism for the past five years. During this time, I have written on a variety of topics, including business, automobiles, technology, and politics. I have worked with several major organizations and am currently working with Timesbull.

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