Post Office Monthly Income Scheme (MIS) is very popular scheme. You need to invest only once in this scheme. After that, you will receive a fixed interest amount every month. The interest is directly credited to your bank account. If you open a joint account under this scheme with your wife or any family member, you can earn up to ₹9, 250 in interest every month.
Annual Interest Rate in MIS Scheme is 7.4%
According to Indian post office, the current annual interest rate in the Post Office Monthly Income Scheme (MIS) is 7.4%. There are some basic Rules. You can open an account with a minimum deposit of ₹1, 000. The maximum limit for a single account is ₹9 lakh, while for a joint account, it is ₹15 lakh. A joint account can include up to three people.
If you invest ₹10 lakh in a joint account under this scheme with your wife, you can earn a steady monthly income from the interest.
Fixed Monthly Interest from ₹10 Lakh Investment
If you deposit ₹10 lakh jointly with your wife in the Post Office MIS Scheme, you will receive a fixed interest of ₹6, 167 every month. The tenure of the Post Office MIS Scheme is 5 years. After the maturity period, the invested amount is transferred back to your savings account. To open an MIS account, you must have a savings account in the Post Office.