The Post Office Monthly Income Scheme (MIS) is a scheme that allows you to keep your money safe and earn money on it every month in the form of interest. It is just like you have deposited money in the bank, and the bank keeps giving you a little money every month in the form of interest.
Investing in this scheme is absolutely safe, as it is a government-run scheme. If you require a fixed monthly amount, such as after retirement, this scheme is ideal for you as it ensures a consistent monthly income.
Post Office MIS Scheme
If you want to keep your money safe or want to get additional income every month, then the Post Office Monthly Income Scheme is a viable option. In this scheme, you get more interest than banks.
Whether you receive a bank FD or RD, the Post Office MIS Scheme will always provide you with more benefits. When saving for the future, this scheme is best. By investing in this scheme, you will not only keep your money safe, but you will also be able to fulfill your needs with the interest received every month.
Important steps for opening a Post Office Monthly Income Scheme account
To open this account, the applicant must be a citizen of India.
You can open this account alone or with someone else.
You can open this account by investing a minimum of approximately 1,000.
If you open an account alone, you can invest a maximum of Rs 9 lakh, whereas if you open an account with someone else, both of you can invest a maximum of Rs 15 lakh.
You can open this account.
Features of Post Office MIS Scheme
The post office’s scheme ensures complete safety. Here, the government oversees your money, ensuring it remains unaffected by market fluctuations.
In this scheme, you deposit money once and receive interest monthly.
This scheme has a five-year lock-in period. This means that you have to keep your money invested for 5 years.
The Post Office Monthly Income Scheme is currently paying interest at a rate of about 7.4% (until September 2023). The government has the authority to alter this rate periodically.
How to get Rs 5,550 per month?
If you want to invest in the Post Office Monthly Income Scheme and want to get a monthly income of Rs 5,550 every month, then for this you have to invest a certain amount. Let’s illustrate this by using an example.
This scheme has an annual interest rate of 7.4%.
To get monthly income, if you deposit a maximum of Rs 9,00,000 (individual) or Rs 15,00,000 (joint account), then you can get a fixed amount as monthly interest.
