The stock market is volatile. In such a situation, if you want better returns with a guarantee, then post office schemes can prove to be good for you. Many schemes of guaranteed returns of post offices are quite popular. Post Office Monthly Income Scheme is also included in it. Housewives can take advantage of this scheme after marriage. Once you invest money in it, you can earn a lot of money for a long time.
This account can also be opened in the name of children above 10 years of age. If you open this account in the name of your children, then you can also pay the child’s fees from the interest you get every month. This government scheme is the best option for couples who want to plan a stable financial future together after marriage.
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Post Office Monthly Income Scheme (POMIS)
According to the India Post website, you can open an account in the monthly income scheme by investing a minimum of Rs 1,000. The accounts can be opened both individually and jointly. You can invest a maximum of Rs 9 lakh in an account and up to Rs 15 lakh in a joint account. Interest is paid on MIS every month. Any Indian citizen can invest in Post Office Monthly Income Scheme. Post Office MIS is currently offering 7.4 percent annual interest. Its tenure is 5 years. You can extend it for another 5 years with the new interest rate.
How does this scheme work?
Currently, the Post Office Monthly Income Scheme is offering 7.4% annual interest. The annual interest on the money deposited in it is divided into 12 installments. It will be credited to your account every month. If you do not withdraw the monthly amount, it will remain in your Post Office savings account. It will be paid along with the principal at maturity.
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How much will married people earn per month?
If you open a joint account of Rs 15 lakh, the annual interest will be Rs 1,11,000. This will give you a monthly income of around Rs 9,250. On the other hand, the annual interest on a single account of Rs 9 lakh will be Rs 66,600. In this, you will get around Rs 5,550 per month. If you open a joint account with your spouse, you will get Rs 9,250 per month. There will be no risk in this.