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 great returns. If you want to earn 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 post office website, the government offers a fantastic 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, that is, this government scheme guarantees regular income from the next month of investment, in this, the interest you get on the deposit amount is paid monthly.
Start investing Rs 1000 continuously
You can open an account in Post Office MIS by investing 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 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 5000 rupees every month
Now let’s talk about how you can earn more than Rs 5000 per 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 this, 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 per 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 closure of the scheme.
Account closing before maturity
If you want to close your account before this post office scheme matures, you will be able to do this only after 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.
Source (PTI) (NDTV) (HINDUSTANTIMES)