The Post Office MIS Scheme offers a steady monthly income stream, making it one of the most popular post office schemes. It also offers excellent interest rates on investments.
Post Office’s small savings schemes are quite popular for safe investments and excellent returns. The special thing is that these government schemes run by the post office are for everyone from children to the elderly. Whether it’s about accumulating a substantial fund or earning a regular income every month after retirement, these options are available. Today we are telling you about one such government scheme, in which if you make a lump sum investment along with your wife, then you can be assured of earning Rs 9,250 every month. This scheme is the Post Office Monthly Income Scheme (MIS) and the government is also providing good interest on it.
Guaranteed Monthly Income
If you’re planning to save some of your earnings and invest in a scheme that will provide you with a regular monthly income, then the Post Office MIS Scheme is perfect for you. This scheme will generate an income of ₹9,250 per month from interest alone. The government guarantees the safety of your investment, making it a risk-free investment option. You can open an account with just ₹1,000.
The government offers a robust interest rate of 7.40%
Anyone over the age of 18 can open an account under the Post Office MIS Scheme. It also allows for joint account opening, allowing up to three adults to open an account. Interest rates are offered at 7.40% per annum on investments made under the Post Office MIS Scheme, with a maturity period of five years.
One-Time Investment and Guaranteed Income
This Post Office Monthly Savings Scheme is essentially a one-time investment scheme. This means you only need to invest once, and you are guaranteed monthly interest income until maturity. Under the scheme, a maximum of ₹9 lakh can be invested in a single account, and a maximum of ₹15 lakh in a joint account. All holders must have equal share in the investment. Interest accruals begin the next month after opening the account and continue until maturity.
How to Earn ₹9,250 Every Month
As mentioned, in this Post Office scheme, a lump sum investment of ₹9 lakh can be made for a single account, and a maximum of ₹15 lakh for a joint account. Now, let’s assume you’ve opened a joint account with your wife and deposited the maximum lump sum. At the scheme’s 7.4% annual interest rate, you’ll earn ₹9,250 in interest. If the account is single, the monthly interest earned on ₹9 lakh would be ₹5,500.
Post Office MIS Account Features
- This is a one-time investment scheme and requires a lump sum investment.
- The government offers an annual interest rate of 7.40%.
- Interest income can be withdrawn monthly, quarterly, half-yearly, or annually.
- Closing the account before the 5-year maturity period can be a loss-making venture.
- If the account is closed within one to three years of opening, 2% of the principal will be deducted.
- If it is closed between three and five years, 1% will be deducted.
- The account can be closed before maturity if the account holder dies.
- In this case, the deposit amount will be given to the nominee and interest will be paid until the refund is made.
How can I open an MIS account?
Opening an account under this Post Office Monthly Savings Scheme is very easy. You can apply at your nearest post office with the required documents. From there, you need to fill out an account opening form and KYC form and submit it along with a photocopy of your PAN card.
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