Business News Desk – When our body does not support us in old age, everyone wants to earn some income sitting at home. For such people, Post Office Monthly Income Scheme (MIS) can be a good option. If you want, you can deposit a lump sum amount in this scheme and take money every month after retirement. Know how much money will have to be invested in it to get an income of Rs 5000 every month?
What is Post Office Monthly Income Scheme?
Monthly Income Scheme (MIS) is a kind of small savings scheme run by the government, through which investors get returns at a fixed interest rate every month. The amount invested in it is 100 percent safe. It is best for those who want to get a fixed income every month. This scheme of post office gives good returns along with safe investment. In this, you can arrange income for yourself every month by depositing a lump sum amount. Its biggest feature is that after the completion of the scheme, you will get your money back.
How much can I invest?
Under Monthly Income Scheme (MIS), you can open an account with a minimum of Rs 1000. After this, you can deposit money in multiples of Rs 1000. If you have a single account, you can deposit Rs 9 lakh, whereas if you have a joint account, you can deposit a maximum of Rs 15 lakh. Its maturity period is 5 years. The scheme can be extended further through this account after every 5 years.
How much investment is required to earn Rs 9000 per month
If you invest Rs 15 lakh in a lump sum in a joint account in Monthly Income Scheme, then after retirement you will start earning Rs 9,250 every month. On depositing Rs 5 lakh, you will get Rs 3083 every month, while on investing Rs 9 lakh, you will get Rs 5550 every month. Let us tell you that currently 7.4 percent annual interest is being given in this scheme.
How to open an account in MIS?
To open an account in the Post Office Monthly Income Scheme, you can go to your nearest post office. Here you will have to fill a form for MIS, after which the account will be opened. To open an account in MIS, you will have to provide Aadhaar card, voter card, driving license or passport as ID proof. Apart from this, 2 passport size photographs are also required. It is also necessary to give the name of the nominee while opening the account.
Account can also be opened in the name of children
If you wish, you can also open an account in the name of children under Monthly Income Scheme. If the child is less than 10 years old, then the parents can open an account in his name. However, when he becomes an adult, he is given the responsibility of that account.
