Post Office MIS is a one-time investment scheme that requires you to make a lump sum deposit just once. The fixed annual interest on the deposit is divided into 12 installments and credited to your account every month.
In this era of inflation, it ‘s often difficult for middle- class families to meet their monthly expenses. Many people lack permanent jobs, resulting in uncertain income, while for retired individuals , this concern becomes even more pressing . In such a situation , a fixed amount deposited into your account each month can significantly ease family expenses. Because of this, the Post Office Monthly Income Scheme is becoming increasingly popular .
This scheme offers the option of safe and guaranteed income . This plan is considered very useful for investors who want regular income on their savings without any risk . So today , let us tell you how both husband and wife can invest in this post office scheme and how they can earn a guaranteed income every month.
How does this scheme work?
Post Office MIS is a one-time investment scheme that requires you to make a lump sum deposit. The fixed annual interest on the deposit is divided into 12 installments and credited to your account every month. Currently, this scheme offers an interest rate of 7.40 percent , which is higher than many other fixed income options .
How can husband and wife get income every month?
An individual opening a single account under this scheme can deposit a maximum of ₹9 lakh. A fixed monthly deposit is credited to the account. If a husband and wife open a joint account, the investment limit increases to ₹15 lakh. This amount provides a guaranteed monthly income of over ₹9,000. Once a deposit is made under the scheme, the income continues uninterrupted for a full five years. Upon completion of the five-year term, the entire deposit is returned. Furthermore, if investors wish, they can reinvest the amount in the same scheme and continue receiving their monthly income. This scheme can provide a secure source of income for the long term.
Why is this plan considered safe?
This post office scheme is completely run by the central government. Therefore, it is not affected by market fluctuations. There is also the option to add a nominee to the account , and if necessary, the account can be closed prematurely. Although some deductions apply, this option can prove helpful if you suddenly need money. To avail of this scheme, you must first open an account at the nearest post office, submitting the account opening form , KYC documents , and a copy of your PAN card.
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