The Post Office Monthly Income Scheme (MIS) offers an interest rate of 7.4 percent. You only need to make a one-time deposit under this scheme, and you earn interest every month.
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The country’s middle and lower class still fully trusts post office savings schemes. Post office savings schemes not only provide security to citizens but also offer excellent returns. Among the various post office savings schemes, the Monthly Income Scheme (MIS) is quite popular. Under this scheme, investors receive a fixed monthly interest payment for five years. Here, we will learn how much interest you will earn each month if you deposit ₹2 lakh in the post office’s MIS scheme.
MIS Accounts Earn 7.4% Interest
The Post Office’s Monthly Income Scheme (MIS) offers an interest rate of 7.4%. This scheme requires a single deposit, and you receive interest every month. The scheme matures in five years. An account can be opened with a minimum deposit of ₹1,000. Both single and joint accounts can be opened under the MIS scheme. A maximum of ₹9 lakh can be deposited in a single account, and a maximum of ₹15 lakh can be deposited in a joint account. A maximum of three people can be added to a joint account under this scheme.
Deposits are made only once, and interest is earned monthly.
Money is deposited only once in the Post Office MIS scheme, and interest is paid monthly. This interest is transferred directly to your bank account. If you invest ₹2 lakh in the Post Office Monthly Income Scheme, you will receive a fixed interest of ₹1,233 per month. After the account matures in 5 years, all your investment funds are transferred to your account.
A Post Office Savings Account is Required
To open a SIS account at the Post Office, you must have a Post Office savings account. If you don’t have a savings account at the Post Office, you must first open one, only then can you open an account under the Monthly Income Scheme, as interest payments are transferred only to the Post Office savings account.
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