Post Office Scheme : At present, the Post Office is offering excellent returns on various savings accounts. You can open several types of accounts in the Post Office such as Recurring Deposit (RD), Time Deposit (TD), Monthly Income Scheme (MIS), Public Provident Fund (PPF), and Kisan Vikas Patra (KVP).
In this article, we’ll discuss one of the most popular investment options — the Post Office Monthly Income Scheme (MIS). Under this scheme, you need to make a one-time investment, and in return, you will receive a fixed interest payment every month.
The interest amount you earn through this scheme is directly credited to your bank account. If you open a joint account with your spouse or any other family member, you can earn up to ₹9,250 per month as fixed interest. Let’s understand this scheme in detail below.
Post Office Scheme : Earn 7.4% Annual Interest under the Monthly Income Scheme
Currently, the Post Office Monthly Income Scheme (POMIS) offers an annual interest rate of 7.4%. You can open an account with a minimum investment of ₹1,000.
Under this scheme:
- A single account holder can deposit up to ₹9 lakh.
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A joint account (with up to three members) can deposit up to ₹15 lakh.
If you open a joint account with your spouse and invest ₹10 lakh, you will receive a fixed monthly income through the interest earned. Let’s look at the potential monthly earnings below.
Post Office Scheme: Earn ₹6,167 Every Month by Investing ₹10 Lakh
If you invest ₹10 lakh jointly with your spouse in the Post Office Monthly Income Scheme, you will earn ₹6,167 per month as fixed interest.
This scheme has a tenure of 5 years, after which it matures. Once matured, your entire investment amount is credited back to your bank account.
Please note that to open a Post Office Monthly Income Scheme account, you must already have a Post Office Savings Account.
