The Reserve Bank of India (RBI) has reduced the repo rate by 1% this year. There were three cuts in February, April, and June. After this, banks have reduced the interest on savings accounts. But the good news is that the post office has not changed the interest rates of its schemes.
The Post Office Monthly Income Scheme (MIS) is for those who want fixed income every month with a safe investment. In this scheme, investors deposit a lump sum amount, and the interest is paid directly to their savings account every month. The scheme lasts for 5 years, and on maturity, the investor gets the full money back. You can invest a maximum of ₹9 lakh in MIS through a single account and up to ₹15 lakh through a joint account.
How Much Income You Can Get
This scheme gives 7.4% annual interest till August 2025. The investment is completely safe and gives guaranteed interest every month. For example, if an investor puts ₹14.60 lakh in a joint account with his wife, he will get about ₹9,003 every month as interest.
Why This Scheme is Special
This scheme is special because its interest rate is stable and higher than a bank. It is also backed by the government, so the investment is very safe. Getting a fixed amount every month gives regular income. Overall, if you want your money to be safe and also get monthly income, the Post Office Monthly Income Scheme (MIS) can be a good option for you.