The Post Office MIS Scheme offers a steady monthly income stream, making it one of the most popular post office schemes. It also offers excellent interest rates on investments.
Post Office’s small savings schemes are quite popular for safe investments and excellent returns. The special thing is that these government schemes run by the post office are for everyone from children to the elderly. Whether it’s about accumulating a substantial fund or earning a regular income every month after retirement, these options are available. Today we are telling you about one such government scheme, in which if you make a lump sum investment along with your wife, then you can be assured of earning Rs 9,250 every month. This scheme is the Post Office Monthly Income Scheme (MIS) and the government is also providing good interest on it.
Guaranteed monthly income:
If you’re planning to save some of your income and invest it in a scheme that will provide you with a regular monthly income, then the Post Office MIS Scheme is perfect for you. This scheme will generate an income of ₹9,250 per month from interest alone. The government itself guarantees the safety of your investment, making it a risk-free investment option. You can open an account with just ₹1,000.
The government is offering a robust interest rate of 7.40%.
Anyone over the age of 18 can open an account under the Post Office MIS Scheme. It also offers the option of opening a joint account, allowing up to three adults to open an account together. Interest rates are offered at 7.40% on investments made under the Post Office MIS Scheme, with a maturity period of five years.
One-Time Investment and Guaranteed Income
This monthly savings scheme from the Post Office is essentially a one-time investment scheme. This means you only need to invest once, and then you’re guaranteed monthly interest income until maturity. Under the scheme, a maximum of ₹9 lakh can be invested in a single account, while a maximum of ₹15 lakh can be invested in a joint account. All holders must have an equal share in the investment. Interest accruals begin the next month after account opening and continue until maturity.
How to earn Rs 9250 every month
As mentioned, in this Post Office scheme, you can invest a lump sum of Rs 9 lakh for a single account and a maximum of Rs 15 lakh for a joint account. Now let us assume that you have opened a joint account with your wife and have deposited the maximum lump sum amount in it, then as per the 7.4% annual interest rate offered on the scheme, you will get an interest of Rs 9,250 on your investment. Whereas if the account is single, then the monthly interest earning on Rs 9 lakh will be Rs 5500.
Account Features of Post Office MIS
- This is a one-time investment scheme and a lump sum investment is made.
- The government offers an annual interest rate of 7.40 percent on this.
- Interest income can be taken monthly, quarterly, half-yearly or even annually.
- Closing the account before the maturity of 5 years can be a loss-making deal.
- If the account is closed within 1 to 3 years of opening, 2% of the principal amount will be deducted.
- If it is closed between three to five years, 1% amount will be deducted.
- The account can be closed before maturity in case of death of the account holder.
- In such a case, the deposited amount will be given to the nominee and interest will be given till the refund.
How can you open an MIS account?
Opening an account under this Post Office Monthly Savings Scheme is very easy. You can apply at your nearest post office with the required documents. From there, you need to fill out an account opening form and KYC form and submit it along with a photocopy of your PAN card.
