Post Office Savings Scheme – When money starts earning money, the path to progress is automatically created. The Indian Postal Department runs a variety of savings schemes based on the needs of the people of the country. By joining these schemes at the Post Office, people earn substantial interest, ensuring no hassles.
You may have heard of schemes like TD, RD, MIS, PPF, and Sukanya Samriddhi Yojana at the Post Office. Many types of accounts are open under these schemes. We are going to tell you about a scheme that ensures safe investment and guaranteed returns. This scheme allows you to withdraw funds if needed.
Important Points About the MIS Scheme
The Monthly Income Scheme (MIS), one of the country’s most trusted institutions, is very important. The Post Office MIS scheme requires a single investment. After that, a fixed amount of interest starts accruing to your bank account every month.
Additionally, the Post Office currently offers its customers a 7.4% interest rate per annum under the Monthly Income Scheme. You can open an account with just ₹1,000 under this exciting Post Office scheme. A maximum of ₹9 lakh can be deposited in a single account under the scheme. The maximum deposit limit for a joint account is ₹15 lakh. A maximum of 3 people can be included in a joint account.
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How to earn ₹5,550 per month
If you invest well in the Post Office Monthly Income Scheme, you’ll earn substantial interest. This scheme is for 5 years, and it matures within that time. To open an account under the Monthly Income Scheme, you’ll need to open a savings account with the Post Office.
If, for some reason, you invest ₹9 lakh in the Post Office Monthly Income Scheme, you’ll receive significant returns. This means that you will get Rs 5550 every month as interest for 5 years; this will not cause any problem.