Earn a Fixed Monthly Income with a Trusted Post Office Scheme
Turn Your Savings into Monthly Income with This Post Office Scheme: The Post Office has been serving the people of India for decades. Its savings schemes are trusted by middle- and lower-income groups because they are safe and reliable.
What Is Post Office Monthly Income Scheme (MIS)? Post Office MIS is a scheme where you invest money once and receive a fixed interest amount every month directly in your account.
Interest Rate and Investment Limit: The scheme currently offers 7.4% annual interest. You can start with a minimum investment of ₹1,000. The maximum limit is ₹9 lakh for a single account and ₹15 lakh for a joint account (up to three holders).
Monthly Interest Payment: Interest is paid every month and is automatically credited to your Post Office Savings Account.
Maturity Period: The MIS account matures after 5 years, and the full invested amount is returned to the investor.
Savings Account Required: To open an MIS account, you must have a Post Office Savings Account, as all interest payments are credited there.
ALSO READ: How long will it take to build a ₹10 lakh fund with a ₹1000 SIP? See the calculation
