Post Office Scheme: Post offices across the country are known for their investment options that offer reliable and stable returns. Keeping the general public in mind, the post office offers several savings schemes that are very useful for citizens looking for low-risk investments. One of these popular schemes is the Post Office Monthly Income Scheme, designed for those who want to invest once and receive a fixed monthly income.
Who is this scheme for?
This scheme is specifically designed for investors who want to protect their deposits while also receiving a fixed monthly income. This scheme is an excellent option for retired individuals, housewives, those looking for a regular income, and those seeking a safe investment.
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Monthly income for 5 years
The specialty of the Monthly Income Scheme is that it requires a single deposit. After this, the investor receives a fixed monthly interest income for the entire 5-year period. Currently, this scheme offers an annual interest rate of 7.4 percent, which is paid monthly into the savings account.
Facility to invest with a small amount
Just ₹1,000 is sufficient to start investing in this scheme. A single account can invest up to ₹9 lakh. Opening a joint account allows up to three individuals to join, and a maximum of ₹1.5 million can be deposited into such an account. This is particularly beneficial for families seeking a stable monthly income.
Monthly Interest Earnings
An investor depositing ₹9 lakh into the Monthly Income Scheme earns a fixed interest rate of ₹5,550 per month. This ensures a steady income for 5 years without any fluctuations, as it is a fully government-secured scheme. Monthly interest is directly credited to the savings account, eliminating any procedural hassles.
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The full amount will be returned upon maturity
After the completion of the plan term, i.e., after 5 years, the investor returns the entire principal amount deposited. After this, they have complete freedom to invest the amount in the Monthly Income Scheme again or invest it in any other scheme.
Required conditions for opening an account
To open a Monthly Income Scheme account, it is necessary to have a savings account with the post office. If you do not have a savings account, it is mandatory to open one first. An MIS account can only be opened after a savings account is established.