Post Office MIS: Nowadays inflation has increased so much that everyone is worried about their future. Everyone thinks that something should be done so that there is no problem of money in old age. In such a situation, investing is a good option. But the question is where to invest? Where the money is safe and the return is also good.
Post Office has brought a great scheme!
The post office is running many great savings schemes for you, in which you can get good returns by investing. One of these schemes is Post Office Monthly Income Scheme. As the name suggests, this scheme will make you earn every month!
What is Post Office Monthly Income Scheme?
Post Office Monthly Income Scheme is a small savings scheme of the post office. It is perfect for those people who want to earn interest every month by depositing money once. This scheme is especially good for retired people. Life becomes easier if you get a fixed income every month after retirement, isn’t it?
How does this scheme work?
In this scheme, you have to deposit money once for 5 years. After that, you will get guaranteed income every month for the next 5 years. And when 5 years are completed, you will get your deposited money back. This scheme is very good for those who want to earn every month without taking any risk.
How much interest is being received?
Currently, the government is giving 7.4% interest in the Post Office Monthly Income Scheme. This interest rate is much better than other schemes like Fixed Deposit (FD) and Recurring Deposit (RD). You can start investing in this scheme with a minimum of ₹ 1000.
Who can open an account?
It is very easy to open an account in the Post Office Monthly Income Scheme. You can open a single account alone, or husband and wife can also open a joint account together. In
Single account: You can invest a minimum of ₹1000 and a maximum of ₹9 lakh.
Joint account: You can invest a minimum of ₹1000 and a maximum of ₹15 lakh.
How will the monthly income be?
Let’s understand with an example. Suppose, a husband and wife together invest ₹15 lakh in the Post Office Monthly Income Scheme for 5 years. At an interest rate of 7.4% per annum, they will get a total interest of ₹5,55,000 in 5 years. And if you look at it on a monthly basis, you will get about ₹9,250 every month! This is really a good income every month.
So if you also want a fixed income every month by keeping your deposits safe, then the Post Office Monthly Income Scheme can be a great option for you. For more information about this, you can contact your nearest post office.
