If you want a guaranteed monthly income in a risk-free manner, the Post Office Monthly Income Scheme (MIS) is the best and safest investment option for you. Ideal for senior citizens and housewives, this scheme currently offers an attractive interest rate of 7.4%, higher than that of banks. By depositing a lump sum in this scheme, you will receive regular monthly income for a full 5 years. Learn how you can start investing with just ₹1,000 and earn a guaranteed income of up to ₹5,550 every month, and how this government-guaranteed scheme secures your future.
Who is MIS the best scheme for
The Post Office Monthly Income Scheme (MIS) is especially beneficial for those who want fixed and regular returns on their savings. This scheme is primarily considered best for retired senior citizens and housewives. This scheme requires you to deposit a lump sum amount for a period of 5 years. From the date of your deposit, the post office starts paying you interest every month. Currently, this scheme offers a high interest rate of 7.4% per annum, which is more attractive than the rates of many banks. Most importantly, your deposit amount (principal) remains the same, and the interest amount is credited to your post office account every month.
How much monthly income will you earn from MIS
Your monthly income depends entirely on the amount you invest. This scheme can be started with a minimum of ₹1,000, but there is a maximum limit. If you deposit ₹1 lakh, you will earn a monthly income of approximately ₹616 at 7.4% annual interest. Similarly, an investment of ₹5 lakh will yield a monthly income of approximately ₹3,083.
Maximum Investment Limit
There is no maximum limit for this scheme, but the deposit limit is determined based on the type of account. If you open a single account (one person), you can deposit a maximum of ₹9 lakh, which will give you ₹5,550 per month. If you open a joint account (two or three people), you can deposit a maximum of ₹15 lakh, which will give you ₹9,250 per month.
Earn ₹5,550 per month
If you invest the maximum limit of ₹9 lakh in a single account, you will receive a fixed income of exactly ₹5,550 per month at an annual interest rate of 7.4%. This income will be paid regularly for the entire term of the plan, i.e., 5 years. After the completion of the 5-year MIS term, you get your entire original deposit (e.g., ₹9 lakh) back. You can use this amount for your needs, or reinvest it in a monthly income scheme (MIS) to continue generating monthly income. This scheme proves to be excellent for maintaining long-term financial stability.