Post Office Monthly income Scheme: Now days almost everyone has a bank account. To secure future financially, investment is the only option. But where to invest as there’s security concerns. At this situation Indian Post Office can be a good medium for investment with security. Post Office offers many schemes for Indian citizens. One of the popular scheme is Post Office Monthly Income Scheme.
What is Post Office Monthly Income Scheme, commonly known as ‘MIS’?
Post Office Monthly Income Scheme is a savings scheme in which you have to deposit a lump sum money, after which you will get guaranteed income every month. When the schemes maturity will over, invested amount will be returned to the policy holder.
Duration of the policy
In this post office scheme, you have to invest only for a period of 5 years, after which you continue to get guaranteed income every month for the next 5 years. You start getting the benefit of interest from the second day of the day you invest in this scheme.
How much interest will you get?
The scheme currently gives an interest of 7.4 percent. You can also get this interest amount as income every month. If someone wish to invest in a joint account, the option is there. then the post office also gives you this facility.
How much will you get?
If you open a joint account in the Post Office Monthly Income Scheme and invest Rs 15 lakh for 5 years, then you are given an interest of 7.4 percent on it, which will give you only interest of Rs 555,000 in 5 years, which you can get an income of Rs 9,250 every month for 5 years. This post office scheme is also very special for retirement people because you get income every month on investing in this scheme, so that you can meet your needs as well as your invested money is also safe.