Post office Monthly Income Scheme:
The number of people who rely on the fixed return scheme has increased in the market’s lift plate. There are many people who want stable returns on their investments without taking risks even if it is lower than the stock market. If you are also looking for something similar in which income is guaranteed every month, then the Monthly Income Scheme (MIS) of the post office can be a better plan. This scheme guarantees investors a minimum income of Rs 2475 or Rs 29700 annually. There is a facility to open a single and joint account. This benefit can be doubled through a joint account.
How does this MIS Scheme work?
Under this scheme, if you open a single account, you have to deposit at least Rs 4.5 lakh in lump sum. At the same time, a maximum of Rs 9 lakh can be invested through a joint account. In this, the amount that is made in the whole year according to the interest of 6.6 per cent, is distributed in 12 months. Every month’s amount is your monthly income. The maturity of the scheme is 5 years, but it can be extended for 5-5 years under further reinvestment.
Income at least Rs 29700 every year
Through a single account, you can deposit at least Rs 4.5 lakh in the post office monthly income scheme. According to 6.6 percent annual interest rate, the total interest on this amount will be Rs 29700. If this amount is divided in 12 months of the year, then it will be Rs 2475.
For double benefit
In this scheme, a maximum deposit of Rs 9 lakh can be made through a joint account. According to 6.6 percent annual interest rate, the total interest on this amount will be Rs 59400. If this amount is divided in 12 months of the year, then it will be Rs 4950.
How to open Post office Monthly Income Account?
For this, firstly the savings account has to be opened in the post office. If you do not already have an account.
After this, a form will have to be taken for the monthly income scheme from any nearest post office branch.
For this, ID proof, residential proof and 2 passport size photographs will have to be installed.
Fill it correctly and submit it to the post office with the sign of witness or nominee.
To open an account with the form, submit cash or check for the fixed amount.
Who should invest in Post Office MIS?
Post office monthly income is a better option for those who want some fixed income from the market every month, that too without taking risk. Any Indian citizen can invest in the Post Office Monthly Income Scheme. If you are more than 10 years old, then this account can be opened under the supervision of the guardian in the name of the minor also.