Post Office Monthly Income Scheme: Are you looking for an investment plan that will give you regular income and also keep your money safe then the Post Office Monthly Income Scheme (MIS) can be a great option for you.
By investing in this government scheme, you can earn a fixed amount every month. Let us know the features of this scheme and how you can take advantage of it.
Post Office Monthly Income Scheme
Post Office Monthly Income Scheme is a scheme in which you deposit a lump sum amount and in return keep getting interest in the form of a fixed amount every month. This scheme is very good for those who want to invest after retirement or for regular income.
How much can you invest in MIS
Minimum investment: You can start investing in this scheme with just Rs 1000.
Maximum investment: Single account holders can invest up to Rs 9 lakh and joint account holders can invest up to Rs 15 lakh.
How much interest is available in MIS
You get an attractive interest rate on the Post Office Monthly Income Scheme. Currently, the interest rate on this scheme is 7.4 percent. This interest is calculated every month and the interest amount is transferred to your account every month.
How much monthly income can be generated from MIS
You can earn a good amount of income every month depending on the amount invested in MIS. For example, if you invest Rs 5 lakh, you can get a monthly income of about Rs 3083.
At the same time, on the maximum investment i.e. Rs 9 lakh, you can get a monthly income of up to Rs 5550.
Documents required for MIS
Aadhaar card
Passport size photo
Identity proof
Address proof
Bank account details
How to invest in MIS
To open an MIS account, you have to go to your nearest post office. Any Indian citizen above 18 years of age can invest in this scheme. You will need an Aadhaar card, passport-size photo, and other required documents.
MIS Terms and Conditions
Lock-in Period: This scheme has a lock-in period of 5 years.
Account Closure: If you close the account before 1 year, you will have to pay a 2% penalty. If you close the account between 1 to 3 years, there will be a 1% penalty.
Nominee Facility: You can nominate a nominee in your account.
Post Office Monthly Income Scheme can be a smart savings option for you. By investing in it, you can plan for your retirement or accumulate funds for your children’s education.