Many people seek a secure and hassle-free investment option. While there are several government-backed schemes available, most require monthly contributions, which can sometimes be difficult to manage. To make things easier, there is an effective option that ensures regular income with minimal effort.
In today’s world, everyone wants a reliable way to save or invest money. Post Office Savings Schemes are among the first choices for many. They provide a variety of plans suitable for all age groups, including children, women, and senior citizens. The main advantage is that most post office schemes are virtually risk-free. Your principal investment remains secure, and the interest rates are attractive and guaranteed by the government.
Who Is the Monthly Income Scheme (MIS) Suitable For?This scheme is particularly ideal for retired senior citizens and homemakers. It works on a one-time deposit basis for a fixed term of five years. From the very next month of your deposit, the post office begins crediting interest to your account every month. Currently, the scheme offers an annual interest rate of 7.4%, which is generally higher than what most banks provide.
The principal amount remains untouched, while interest is disbursed monthly. For example:
Investing ₹1 lakh generates around ₹616 per month.
Investing ₹5 lakh generates around ₹3,083 per month.
The monthly interest depends directly on the amount you invest. The scheme is flexible, allowing investments as low as ₹1,000, and there is no maximum limit for deposits in some account structures.
Investment Rules for the Post Office MIS
For a single account in one person’s name, the maximum deposit limit is ₹9 lakh.
For joint accounts (2-3 holders), the combined maximum deposit is ₹15 lakh.
How to Earn ₹5,550 per MonthIf you deposit the maximum of ₹9 lakh in a single account, you can earn exactly ₹5,550 per month at the current 7.4% annual interest rate. The scheme ensures monthly interest payouts throughout the five-year term. At the end of five years, you receive the full principal amount back. This money can either be used for personal purposes or reinvested in the same Monthly Income Scheme (MIS) to continue earning a steady monthly income.
Disclaimer: Any financial investment should be made responsibly. Lifeberrys.com is not responsible for any gains or losses resulting from personal investment decisions.