Post Office Monthly Income Scheme: Similar to banks, post offices provide a variety of savings options, encompassing both short-term and long-term plans. One notable offering is a scheme that allows account holders to receive a fixed monthly income through a one-time investment.
Monthly Income Scheme (MIS)
The Monthly Income Scheme (MIS) is a specific deposit program available at post offices. By making a single investment, participants can secure a consistent monthly income. Under this scheme, any family member, including spouses, siblings, or other relatives, is eligible to open an account. For children under the age of 10, parents or legal guardians may establish an account in the child’s name. Accounts can be opened either individually or jointly, requiring a one-time investment.
The maximum investment allowed is Rs 9 lakh for a single account and Rs 15 lakh for a joint account. Currently, the Post Office Monthly Income Scheme offers an interest rate of 7.4%. If a couple opens a joint account, they can potentially earn over Rs 5 lakh solely from interest.
How to get Rs 9000 monthly from this scheme
If a husband and wife jointly invest Rs 15 lakh, they will receive a fixed monthly income of Rs 9,250 at the 7.4% interest rate, resulting in an annual guaranteed income of Rs 1,11,000. This scheme allows for a potential annual earning of up to Rs 5.55 lakh from the comfort of home.
The scheme has a duration of five years, and withdrawals are not permitted within the first year of investment. Should the account be closed after one year but before three years, a deduction of 2% will be applied to the principal amount.