Post Office Monthly Income Scheme: Saving schemes run by the post office are not only popular for safe investment, but they also give strong returns. Regular income can be managed by investing in Monthly Income Scheme.
Post Office is running many types of saving schemes for children, old and young, for every age group. These schemes are also quite popular in terms of safe investment and excellent returns. If you want to have regular income along with investing, then in this case, Post Office’s Monthly Income Scheme i.e. MIS can prove to be an excellent option. In this, after a lump sum investment, you start earning interest from the next month itself.
Getting a strong interest of 7.4%
If you look at the information available on the website of the Post Office, then the government offers a great interest rate of 7.4 percent on investment in this scheme. In MIS, you start getting the benefit of interest only after one month from the date of opening the account, i.e. this Government Scheme guarantees regular income from the next month of investment, in this, the interest you get on the deposited amount is paid monthly.
Start investing Rs 1000 regularly
You can open an account in Post Office MIS with an investment of just Rs 1,000. The account can be opened in two ways, first single and second joint account. If we talk about the maximum investment limit, then a single account holder can invest up to Rs 9 lakh in this scheme, while a joint account can invest up to Rs 15 lakh. To invest under the Monthly Income Scheme, it is necessary to have a savings account in the post office. Any person of 18 years or above can invest in this scheme.
Guaranteed income of Rs 5000 every month
Now let’s talk about how you can earn more than Rs 5000 every month from this scheme after investing once, so for this, take the help of Post Office MIS calculator. If you invest Rs 5 lakh in it, then at the rate of 7.4 percent interest, you will get an interest income of Rs 3,083 every month, while on investing a maximum of Rs 9 lakh, the interest income every month will be Rs 5550. Let us tell you here that the lock in period in this scheme is 5 years.
If you open a joint account and invest a lump sum of Rs 15 lakh as per the rules, then you will get an income of Rs 9,250 every month at the rate of 7.4%. If the investor dies before the maturity of 5 years, then the account is closed and the deposit amount is returned to the nominee or legal heirs. Interest will be paid till the last month of the scheme’s closure.
Account closing before maturity
If you want to close your account before the maturity of this post office scheme, then you will be able to do this only after the completion of one year from the date of investment. If the account is closed after one year and before 3 years from the date of opening the account, then 2 percent of the investment amount will be deducted and the remaining amount will be paid. If the account is closed after 3 years and before 5 years from the date of opening the account, then 1 percent of the principal amount will be deducted and the remaining amount will be paid.
