Post Office's amazing scheme guarantees monthly earnings of Rs 5,550; learn how much you need to invest
The Post Office offers a variety of savings schemes for its customers. One notable scheme is the Monthly Income Scheme (MIS), which offers a fixed monthly interest rate for a lump sum investment. This scheme is especially beneficial for those seeking a regular monthly income.
You don't have to make recurring investments under the MIS scheme. Once you invest, you start earning monthly income. The Post Office offers 7.4 percent annual interest under this scheme, which is transferred directly to your bank account. You can either keep this money in your account or withdraw it when needed.
You can open an account with just ₹1,000 under this scheme. The maximum investment limit for a single account is ₹9 lakh, while the maximum investment limit for a joint account is ₹15 lakh. Up to three people can join a joint account.
If you make a lump sum investment of ₹9 lakh in a single account, you'll earn a fixed interest rate of ₹5,550 per month for 5 years. This amount is credited directly to your bank account and becomes a reliable source of monthly income.
MIS schemes mature in 5 years. Upon maturity, the entire amount deposited in your account is transferred to your bank account. This means that not only will you receive monthly interest, but your principal investment is also protected.
To open an account under the MIS scheme, you must have a Post Office savings account.
Fixed monthly income starts immediately upon opening the account, and you can use the funds at your convenience. This scheme is ideal for those seeking secure and regular income.