Post Office Monthly Income Scheme: The Indian Post Office is counted among the most trusted institutions in the country for small savings and investment schemes. Post Office gives Indian investors the option to invest money through Recurring Deposit (RD), Fixed Deposit (FD), Public Provident Fund (PPF), Kisan Vikas Patra (KVP) and other risk free savings schemes.
What is Monthly Income Scheme (MIS)?
Among all the post office investment schemes, Monthly Income Scheme (MIS) is one such scheme which helps the investor get stable monthly returns without taking market risk. For a fixed monthly income, investors have to deposit a lump sum in this post office scheme, after which they can get a fixed monthly interest directly in their bank account.
At present 7.4 percent annual interest is being given on the money deposited in Post Office MIS. Investors can open an account in this investment scheme with a minimum deposit of Rs 1,000. A maximum of Rs 9 lakh can be deposited in a single account, while the deposit limit for a joint account is Rs 15 lakh. A maximum of three persons can join a joint account.
For example, if an investor invests Rs 10 lakh in a joint account with his wife, he can earn around Rs 6,167 every month as fixed amount interest. On the maximum deposit amount in a joint account, investors can earn up to Rs 9,250 per month.
safe return
Investment in MIS scheme matures in five years, after which the total investment amount is returned to the depositor’s account. If you want to invest in this monthly income scheme of post office, then you must have a post office savings account. With assured returns and simple rules, Post Office MIS is one of the most trusted investment schemes for risk free investors. If you want to get fixed income and risk free returns on investment, then this can be a great plan for you. However, before making any kind of investment, it is important to take the advice of your financial advisors.
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