The Post Office Monthly Income Scheme (MIS) currently offers an annual interest rate of 7.4 percent. You can open an account under this scheme with a minimum of Rs 1,000.
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Post Office Savings Scheme: Despite the RBI’s 1.25 percent cut in the repo rate last year, all post office savings schemes will continue to offer high interest rates. The Finance Ministry has decided to keep the interest rates on post office savings schemes unchanged for the fourth quarter of the current financial year. Today, we’re going to tell you about a post office scheme where you can invest with your wife, mother, father, son, daughter, brother, or sister and earn a fixed interest of ₹9,250 per month. Yes, we’re talking about the post office’s Monthly Income Scheme (MIS).
Monthly Income Scheme Offers 7.4% Interest
The Post Office’s Monthly Income Scheme (MIS) currently offers an annual interest rate of 7.4 percent. You can open an account with a minimum of ₹1,000. Under the MIS scheme, you can deposit a maximum of ₹9 lakh in a single account and ₹1.5 million in a joint account. A maximum of three people can be included in this scheme’s joint account. If you invest a maximum of ₹1.5 million in this scheme with your wife, you can earn substantial monthly income. Depositing ₹1.5 million in the post office’s MIS scheme will earn you a fixed interest of ₹9,250 per month.
To open an account under the MIS scheme, you must have a savings account with the post office. Interest payments are paid monthly under the Post Office MIS scheme. This interest is transferred directly to your bank account. This scheme matures in 5 years. Upon maturity, all your investment funds are transferred to your account. It’s worth noting that to open an MIS account at the post office, you must have a savings account with the post office. If you don’t have a savings account with 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.
