Post Office MIS: If you want to arrange a regular income for yourself every month, then in this case the Post Office Monthly Income Scheme can be very helpful for you. With this scheme, you can earn up to Rs 1,11,000 annually and Rs 9,250 every month while sitting at home. Know the special things related to the scheme.
Deposit limit in Post Office MIS: This government guaranteed deposit scheme offers single and joint account facility. A maximum of 9 lakh rupees can be deposited in a single account and a maximum of 15 lakh rupees in a joint account. Your deposited amount is completely safe and you earn every month from interest.
How much interest is being received on POMIS
Money is deposited in Post Office MIS for a maximum period of 5 years. Currently, interest is being given at the rate of 7.4%. Up to Rs 9,250 can be earned from this scheme through a joint account. This scheme is considered very good for retired people. If husband and wife invest in it together, then they can arrange monthly income for themselves.
How to earn Rs 1,11,000 annually?
If you deposit Rs 15 lakh in a joint account, you will get a guaranteed income of Rs 1,11,000 in a year at the rate of 7.4 percent interest and in 5 years you will earn Rs 1,11,000 x 5 = Rs 5,55,000 from interest. If you divide the annual interest income of Rs 1,11,000 into 12 parts, it will be Rs 9,250. That means you will earn Rs 9,250 every month.
How much income can you earn in a single account?
If you open a single account in Post Office Monthly Income Scheme and deposit Rs 9 lakh in it, you can get Rs 66,600 as interest in a year and in five years you can earn Rs 66,600 x 5 = Rs 3,33,000 from interest alone. In this way, you can earn Rs 66,600 x 12 = Rs 5,550 per month just from interest.
Who can open an account?
Any citizen of the country can open an account in the Post Office Monthly Income Scheme. An account can also be opened in the name of a child. If the child is less than 10 years old, his parents or legal guardians can open an account in his name. When the child is 10 years old, he can also get the right to operate the account himself.
