Post Office Monthly Income Scheme: Indian investors keep looking for good options for saving as well as investing. If you are looking for a scheme to provide a fixed income during employment or after retirement, then you must know about the Post Office Monthly Income Scheme.

Like many good investment options, it gives you a guaranteed interest return of 7.4 percent per annum. Besides, your money also remains safe in this scheme. Once you invest money in this scheme, you continue to get a fixed income every month for the next 5 years.

Special features of Post Office Monthly Income Scheme

Post Office Monthly Scheme is also known as National Saving Monthly Income Scheme. This is a small savings scheme of the government. It has been specially designed for retired people. Those who want good returns on their investment without taking any kind of risk. This scheme works just like a fixed deposit. However, in this, investors are given interest amount every month.

You can start this scheme with a minimum amount of Rs 1000. You can deposit a maximum of Rs 9 lakh in a single account and Rs 15 lakh for a joint account. For example, if you deposit Rs 9 lakh in lump sum, then every month Rs 5,550 will come to your account as interest. Also, if you deposit Rs 15 lakh, you will get an income of Rs 9,250 every month.

How to start?

To start the National Saving Monthly Income Scheme, first open a savings account in your nearest post office. After this the form of National Saving Monthly Income Scheme will have to be filled. While submitting the form, you can deposit your amount in the form of cash or cheque.
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Post Office Monthly Income Scheme: The Indian Post Office is counted among the most trusted institutions in the country for small savings and investment schemes. Post Office gives Indian investors the option to invest money through Recurring Deposit (RD), Fixed Deposit (FD), Public Provident Fund (PPF), Kisan Vikas Patra (KVP) and other risk free savings schemes.

What is Monthly Income Scheme (MIS)?

Among all the post office investment schemes, Monthly Income Scheme (MIS) is one such scheme which helps the investor get stable monthly returns without taking market risk. For a fixed monthly income, investors have to deposit a lump sum in this post office scheme, after which they can get a fixed monthly interest directly in their bank account.

At present 7.4 percent annual interest is being given on the money deposited in Post Office MIS. Investors can open an account in this investment scheme with a minimum deposit of Rs 1,000. A maximum of Rs 9 lakh can be deposited in a single account, while the deposit limit for a joint account is Rs 15 lakh. A maximum of three persons can join a joint account.

For example, if an investor invests Rs 10 lakh in a joint account with his wife, he can earn around Rs 6,167 every month as fixed amount interest. On the maximum deposit amount in a joint account, investors can earn up to Rs 9,250 per month.

safe return

Investment in MIS scheme matures in five years, after which the total investment amount is returned to the depositor’s account. If you want to invest in this monthly income scheme of post office, then you must have a post office savings account. With assured returns and simple rules, Post Office MIS is one of the most trusted investment schemes for risk free investors. If you want to get fixed income and risk free returns on investment, then this can be a great plan for you. However, before making any kind of investment, it is important to take the advice of your financial advisors.

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Small Savings Schemes: After reducing the repo rate of the Reserve Bank of India (RBI), banks have also reduced interest on fixed deposits (FD). Apart from FD, many banks are also losing interest rates on savings accounts. However, due to guaranteed returns, the trust of the people on FD still remains. Today we are going to tell you about some such government schemes through this news, in which there is no danger of drowning money and returns are more than FD.

Sukanya Samriddhi Yojana

In the Sukanya Samriddhi Yojana (Sukanya Samriddhi Yojana), investors are getting interest at the rate of 8.2 percent. The purpose of this savings scheme of the Government of India is to secure the future of the girls so that there is no obstruction in their education or marriage in the coming time. Under this scheme, their parents or legal guardians can open the account in the name of girls under 10 years of age.

In this, from Rs 250 to Rs 1.5 lakh can be deposited annually. This account can be opened by going to banks or post offices. The maturity period in the scheme is about the girl’s 21 years or 18 years of marriage. Under Section 80C of the Income Tax Act, 1961, it gets tax exemption up to Rs 1.5 lakh.

Farmer development letter

Kisan Vikas Patra is also a savings scheme of the Government of India, on which 7.5 percent interest is currently getting. Its most special thing is that the amount invested in it doubles in 115 months i.e. 9 years and 7 months. It is also a safe option of investment, which provides guaranteed returns.

In this scheme, minimum can start investing from Rs 1000 and there is no upper limit. In this also, under Section 80C of the Income Tax Act, 1961, it gets tax exemption up to Rs 1.5 lakh. You can get more information about this by visiting the Indian post website and or any bank website.

National saving certificate

The National Saving Certificate (NSC) gets interest at a rate of 7.7 percent annually. It is a maturity period year. In this too, minimum can start saving from Rs 1000 and there is no limit for maximum investment. NSC will have to pay income tax at interest rate.

Senior Citizen Savings Scheme (SCSS)

The aim of this scheme of the government is to give financial stability to the people after retirement. In this, the rate of 8.2 percent on the investment of retirement funds gets a big interest. People above 60 years can invest in the scheme. The minimum deposit limit is Rs 1000 and the maximum deposit limit is Rs 30,00,000. In this also, tax benefit is available up to Rs 1.5 lakh.

Post Office Monthly Income Scheme

Investors get interest at the rate of 7.4 percent on the money invested in Post Office Monthly Income Scheme. In this too, the maturity period is 5 years. You can start investing in this scheme with Rs 1,000. If you want, you can also invest in multiple rupees multiple rupees in it. The limit of maximum deposit for single account is Rs 9 lakh, the limit of maximum deposits for joint account is Rs 15 lakh.

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