Post Office MIS: Numerous savings programs offered by the post office are quite well-liked among small investors. One of those programs is the Monthly Savings Plan (Post Office Monthly Income Plan). With this program, anyone can make money each month. This plan is highly advantageous for individuals seeking consistent earnings. With this plan, you can earn Rs 9,250 each month and Rs 1,11,000 per year. Inform us about this scheme and the ways you can invest in it.
What is Post Office MIS
The Post Office MIS is a savings plan that allows you to earn monthly interest. Your earnings will depend on the amount you deposit. The interest earned on the account is provided in the Post Office Savings Account. You can take out your deposit amount after 5 years. If you wish to benefit more from this program, you can invest in it. In this plan, you can establish both individual and joint accounts. Two or three individuals can set up a joint account collectively. The deposit limit is lower in an individual account and greater in a joint account.
Joint account can be profitable
In this case, if you establish a joint account with your spouse, you can contribute more and gain more. You are allowed to invest a maximum of Rs 9 lakh in an individual account and Rs 15 lakh in a joint account. You only need to make one deposit, and you will receive interest on it for a period of 5 years. At present, this scheme is attracting interest at a rate of 7.4 percent.
How can you earn Rs 1,11,000?
By investing Rs 15 lakh in this scheme with your spouse, you will receive Rs 1,11,000 each year at a 7.4 percent interest rate and Rs 9,250 monthly. 1,11,000 multiplied by 5 equals 5,55,000. Therefore, your total earnings from interest will be Rs 5,55,000 over a period of 5 years.