Post Office Savings Scheme: The post office offers not only postal services but also banking facilities. Within the post office, individuals can establish savings accounts, term deposit accounts similar to fixed deposits, and recurring deposit accounts. Additionally, there are various investment schemes available for those looking to invest their money. Today, we will discuss one such scheme that allows you to earn a monthly income from the comfort of your home with a one-time investment. This is the Monthly Income Scheme (MIS) offered by the post office.
Know about Post Office Monthly Income Scheme
The Post Office MIS requires a lump sum investment, with a minimum contribution of Rs 1,000 and a maximum of Rs 9 lakh. For those interested in opening a joint account, the maximum investment can reach Rs 15 lakh. The scheme provides an annual interest rate of 7.4 percent, with interest payments credited to your bank account each month. It features a lock-in period of five years; however, under specific conditions, you may close your account and withdraw funds before this period ends.
Benefits of having a joint MIS account
If you are married, you can open a joint MIS account with your spouse, allowing for a combined investment of Rs 15 lakh. By investing this amount, you will receive a fixed monthly interest of Rs 9,250 for five years. After the five-year term, the entire Rs 15 lakh will be returned to your bank account. It is important to note that this is a government-backed scheme managed by the post office under the oversight of the central government, ensuring that your investment is secure and that you receive guaranteed monthly interest payments.