Keeping in mind the needs of common citizens, the Indian Postal Department runs many savings schemes. These include TD, RD, PPF, KVP, and MIS. If you want guaranteed monthly income, the Post Office Monthly Income Scheme (MIS) is a good option. In this scheme, you invest a lump sum amount and get fixed interest every month.
How much can you invest?
The minimum investment is ₹1,000.
The maximum investment is ₹9 lakh in a single account and ₹15 lakh in a joint account. Up to 3 people can open a joint account. The scheme duration is 5 years, and the interest rate is 7.4% per year.
Monthly income from MIS
If you invest ₹9 lakh in the Post Office MIS, you will get ₹5,550 every month as fixed interest. This money is directly credited to your post office savings account. The scheme is good for people who want a stable monthly income without risk.
Maturity and interest payment
The scheme runs for 5 years. After maturity, your full invested amount is returned to your savings account. You can also reinvest it again. Every month, interest is automatically credited to your account. You can either withdraw it or reinvest it in another scheme.
Who should invest?
This scheme is best for people who want safe investment. There is no risk of market loss. It is very useful for senior citizens and retired people.
Disclaimer:
This article is only for information. Please consult your financial advisor before investing.