The central government runs some scheme or the other for every section of the country. If you want to make such an investment in which earning starts every month as soon as you invest, then Post Office Monthly Income Scheme (MIS) can be a great option for you. Under this scheme, you can earn up to ₹ 9,250 every month. This scheme is especially beneficial for those who want regular income and want to keep their investment safe.
Lump sum investment, regular income
In the Monthly Income Scheme of the Post Office, you have to make a lump sum investment. In this scheme, you will get an interest of 7.4% per annum, which is given every month. Currently, the interest rate is 7.4%, which may change from time to time.
The lock-in period in this scheme is 5 years. You can invest a minimum of ₹ 1000 and a maximum of ₹ 9 lakh in a financial year in this scheme. However, the maximum investment amount under a joint account can be up to ₹ 15 lakh, but even in a joint account, you can deposit a maximum of ₹ 9 lakh of your share.
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Interest starts from the first month itself
In this post office scheme, the interest amount will start coming only after the completion of 1 month of opening your account. This scheme is special for those who want immediate benefits.
How to get ₹ 9,250 every month
Post Office MIS calculator has been used to calculate the interest amount. Suppose you have invested a maximum of ₹ 9 lakh, then according to this, the interest income every month will be ₹ 5550. But if you open a joint account and invest a maximum of ₹ 15 lakh, then the interest amount will be ₹ 9,250 every month. This joint account is beneficial for families who want to invest together.
What will happen if you withdraw money before maturity
The maturity of this scheme is 5 years. If you do not want to keep the money deposited in this scheme, then you can close the MIS account only after 1 year of opening the account, the account cannot be closed before that.
If the account is closed after 1 year and before 3 years from the date of opening, then a deduction equal to 2% of the principal amount will be made and the balance amount will be paid.
If the account is closed after 3 years and before 5 years from the date of opening, then a deduction equal to 1% of the principal amount will be made and the balance amount will be paid.
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