Post Office Scheme: The Ultimate Guide to Earning from the Post Office Scheme, Know here

Post Office Scheme : The stock market is often volatile. Therefore, if you want guaranteed returns, Post Office schemes may be a good fit. Several Post Office schemes with guaranteed returns are quite popular, including the Post Office Monthly Income Scheme. You can benefit from this scheme after marriage. Investing once will generate substantial income over a long period of time.

This account can also be opened in the name of children over the age of 10. If you open this account (Post Office Monthly Income Scheme) in your children’s names, you can also pay their child’s fees with the monthly interest earned. This government scheme is for couples who are planning for a stable financial future after marriage.

Know what is Post Office Monthly Income Scheme?

According to the website of India Post, one can open an account in Monthly Income Scheme with a minimum investment of Rs 1,000. Accounts can be opened both in single and joint format. Maximum investment in single account is Rs 9 lakh and in joint account up to Rs 15 lakh. Interest is paid every month in MIS. Any Indian citizen can invest in Post Office Monthly Income Scheme. Currently 7.4 percent annual interest is being given on Post Office MIS. Its maturity period is 5 years. It can be extended for further 5-5 years with the new interest rate.

How does this scheme work?

The Post Office Monthly Income Scheme currently offers an annual interest rate of 7.4%. The annual interest earned on deposits is divided into 12 installments and credited to your account every month. If you don’t withdraw the monthly amount, it will remain in your Post Office savings account and be added to the principal upon maturity.

If you open a joint account of Rs 1.5 million, the annual interest will be Rs 111,000, yielding a monthly income of approximately Rs 9,250. Meanwhile, a single account of Rs 9 million will generate annual interest of Rs 66,600, yielding approximately Rs 5,550 per month. Opening a joint account with your life partner will generate Rs 9,250 per month, without any risk.