Post Office Scheme: If you’re looking for a secure way to have a fixed amount deposited into your account each month, the Post Office Monthly Income Scheme (MIS) is a fantastic choice. This scheme is tailored for individuals who want a stable and guaranteed income, making it perfect for retirees, homemakers, or anyone who prefers to steer clear of risks.
Features of the scheme
– Fixed Monthly Income: When you invest, the interest is credited directly to your bank account every month.
– Low risk: Being a government scheme, your money is completely safe here.
– Minimum Investment: You can start an account with just Rs 1,000.
– Maximum investment limit: You can invest up to Rs 9 lakh in a single account and up to Rs 15 lakh in a joint account.
Who will benefit?
This scheme is perfect for anyone who needs a monthly income to manage fixed expenses. Whether it’s a pension plus some extra cash after retirement, a secure investment for homemakers, or steady returns for small investors, this scheme fits the bill for everyone.
For example: If an investor opens a joint account with Rs 1.5 million, they could earn up to Rs 9,250 in interest each month. This amount goes straight into their bank account, so the investor doesn’t have to worry about a thing.
Duration and rules
– The scheme lasts for 5 years.
– The principal amount is returned after the 5-year period.
– You can open an account either individually or jointly.
The Post Office Monthly Income Scheme is a trustworthy option for those in search of a fixed monthly income without any risk. With government backing, safe investments, and monthly payouts, it has become extremely popular among the general public.
Now the question arises, How much will one earn? Suppose a person invests in this scheme alone, they can deposit a maximum of Rs 9 lakh. At a rate of 7.40% on this Rs 9 lakh, they will receive a fixed income of Rs 5,550 per month. However, if you open this account jointly with your spouse, i.e. as a joint account, this scheme becomes even more beneficial. The investment limit in a joint account increases to Rs 15 lakh. If a couple invests Rs 15 lakh together, they will receive a lump sum of Rs 9,250 per month. This amount is deposited directly into their post office savings account, which they can easily withdraw or use for their expenses.
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Sweta Mitra
Working in the media for last 7 years. The journey started in the year 2018. For the past few years, my working experience has been in Bengali media. Currently working at Timesbull.com. Here I write like Business, National, and Utility News. My favorite hobbies are listening to music, traveling, food,...
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