Post Office Scheme- Are you looking for a secure and regular monthly income? Post Office Monthly Income Scheme (MIS) is an easy and reliable solution to your need. This government-backed scheme offers a fixed monthly income at an interest rate of 7.4% per annum, which is credited directly into your account every month. For investors with a low risk appetite, this scheme proves to be a stable and reliable option.
Now you will know who can open an MIS account, what is the investment limit and how much investment is required to earn Rs 7,500 every month.
Who can open a MIS account?
Any adult individual (single account)
Joint Account between 2-3 adults
Account for minor or mentally unsound person through guardian
Minors above 10 years of age can open an account in their name
Investment rules and limits
The account can be opened with a minimum of Rs 1,000 and thereafter investments have to be made in multiples of Rs 1,000.
A person can invest a maximum of Rs 9 lakh.
The total investment in a joint account can be up to a maximum of Rs 15 lakh, in which all investors will have equal share.
Guardian account limits for minors are different.
Interest and payments
Interest will be credited to the accounts every month.
If the interest is not claimed, no additional interest will be paid on it.
Beneficiaries having MIS account can receive their interest through auto credit or ECS into any CBS post office savings account.
Income tax is applicable on interest.
Invest Rs 7,500 per month
If you want to earn Rs 7,500 per month at an interest rate of 7.4% in Post Office Monthly Income Scheme (MIS), then you will have to invest around Rs 12.16 lakh. On the other hand, by investing Rs 13 lakh, the investor will get around Rs 8,017 every month.
This scheme is ideal for those who want to plan for regular monthly income with safe investments. Through this, investors get fixed returns and the risk remains minimal.