The Post Office Monthly Income Scheme (MIS) offers an interest rate of 7.4 percent. You only need to make a one-time deposit under this scheme, and you earn interest every month.
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The country ‘s middle and lower classes still have complete faith in post office savings schemes. Post office savings schemes not only provide security to citizens but also offer excellent returns. Among the various post office savings schemes, the Monthly Income Scheme (MIS) is quite popular. Under this scheme, investors receive a fixed monthly interest payment for five years. Here, we’ll explore how much interest a deposit of ₹2 lakh in the post office’s MIS scheme would yield each month.
7.4% interest is available on MIS account
The Post Office Monthly Income Scheme (MIS) offers an interest rate of 7.4 percent. This scheme requires a one-time deposit, and monthly interest is earned. It matures in five years. An account can be opened with a minimum deposit of ₹1,000. Both single and joint accounts are available under the MIS. A maximum of ₹9 lakh can be deposited in a single account, and a maximum of ₹15 lakh can be deposited in a joint account. A maximum of three people can be added to a joint account under this scheme.
You have to deposit money only once and get interest every month.
Deposits are made only once in the Post Office MIS scheme, and interest is paid monthly. This interest is transferred directly to your bank account. If you invest ₹2 lakh in the Post Office Monthly Income Scheme, you will receive a fixed interest of ₹1,233 per month. After your account matures in 5 years, all your investment funds are transferred to your account.
Must have a post office savings account
To open a SIS account at a post office, you must have a savings account. If you don’t have one, you’ll need to open one first. Only then can you open an account under the Monthly Income Scheme (MIS), as interest payments are transferred to your post office savings account.
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