Post Office Scheme: Post Office Scheme: Exciting news for those who invest in the post office. It’s even more advantageous if you invest in pairs. You can open different types of savings accounts such as RD, TD, MIS, PPF, and Kisan Vikas Patra at the post office. The post office provides government-backed schemes.
It continues to offer an annual interest rate of 7.4 percent under the monthly income scheme. You only need to make a one-time investment in this scheme. After that, you will receive a guaranteed fixed interest every month. Once you open the account, you will enjoy substantial interest for the next 5 years. You can establish a joint account with your spouse or any other family member under this scheme. Each month, you can earn a fixed interest of up to Rs. 9250. Let’s explore how it works in detail now.
Maximum deposit of Rs. 15 lakhs in a joint account
You can set up a MIS account with a minimum investment of Rs. 1,000. Both single and joint accounts can be created under this scheme. A maximum deposit of Rs. 9 lakhs is allowed in a single account, while a maximum of Rs. 15 lakhs can be deposited in a joint account. Under the Post Office MIS scheme, a maximum of three individuals can be included in a joint account. You can invest Rs. 15 lakhs in this joint account with your spouse. You can generate a significant monthly income solely from interest.
Fixed interest of Rs. 9250 per month
If both partners deposit Rs. 15 lakhs in the Post Office MIS scheme, they will receive a fixed interest of Rs. 9,250 each month. The interest accrued from this scheme will be directly credited to your bank account. Under the Post Office MIS scheme, the investment matures in 5 years. After maturity, all your invested funds will be transferred to your account. To open a MIS account, you must possess a Post Office Savings Account.