Post Office Scheme: If you’re looking for a safe and fixed-income investment, the Post Office Monthly Income Scheme (MIS) could be a good option. You invest just once and receive a fixed monthly interest rate. This money is transferred directly to your bank account. If you wish, you can also open this account as a joint account with your wife or a family member. In this case, you can earn a fixed interest of up to Rs 9,250 per month.
Interest rate and investment limit
Currently, the Post Office MIS scheme offers an annual interest rate of 7.4%. You can open an account with a minimum of Rs 1,000. You can invest up to Rs 9 lakh in a single account. You can deposit up to Rs 15 lakh in a joint account (for up to three people). If you and your wife jointly deposit Rs 10 lakh, you can earn a good, fixed monthly income from the interest alone.
Fixed interest will be available every month
Suppose you have deposited Rs 10 lakh in MIS, you will receive a fixed interest of Rs 6,167 every month. This scheme has a maturity period of 5 years. Upon completion of 5 years (after maturity), both your entire investment and the interest are returned to your account. To invest in this scheme, you must have a Post Office savings account.
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