This scheme of Post Office Monthly Income Scheme is the best option after retirement. You can earn every month under this scheme.
Many schemes of post office are quite popular among the people. Generally post office scheme is considered safe. You can get guaranteed returns by investing in many schemes here. Similarly, you can invest in Post Office Monthly Income Scheme for guaranteed income. It is also called MIS.
Monthly income scheme
There is guaranteed income every month. There is only lump sum investment in this. The government has doubled its limit in Budget 2023 itself. You can earn with the help of Post Office Monthly Income Scheme. Both single and joint (up to 3 persons) accounts can be opened in the scheme. Its maturity is 5 years. Currently, 7.4 percent interest is being given on MIS from April 1, 2023.
The interest received under the Post Office Monthly income scheme is distributed over 12 months and that amount is received every month. If you do not withdraw the monthly money, it will remain in your post office savings account. The current interest rate on this scheme is 7.4 percent per annum.
How much can you invest?
Talking about the limit, after opening a single account, you can invest a maximum of Rs 9 lakh, whereas after opening a joint account, you can invest a maximum of Rs 15 lakh. Joint account can be opened by three people together. To invest under Monthly Income Scheme, it is necessary to have a savings account in the post office. Any person aged 18 years or above can invest in this scheme.
Maturity period
Its maturity period is 5 years. The total principal amount can be withdrawn after the maturity period of 5 years. It can be extended for another 5-5 years. After every 5 years, there will be an option to withdraw the principal amount or extend the scheme.
To withdraw money before maturity, if the account is between 1 to 3 years old, 2% is deducted from the amount deposited in it and if it is more than 3 years, the remaining amount is refunded after deducting 1%.
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