Government schemes of post office are very popular when it comes to safe investment and excellent returns. Since the government itself guarantees the security of every investment – whether small or big – these are called “zero-risk savings schemes”. These not only guarantee building a big fund from small savings, but also ensure regular income. One such option is the Post Office Monthly Income Scheme (MIS); If you open a joint account with your spouse, you get a guaranteed monthly income of ₹9,250. Let’s see its calculations and benefits…
**Attractive interest rate of 7.40%**
The government offers excellent interest rates on investments in the Post Office Monthly Income Scheme (MIS). Currently this rate is fixed at 7.40%. The duration of this scheme is five years and any person above 18 years of age can open an account in it.
**Start investing with just ₹1,000**
You can open an account in this risk-free investment scheme of the post office with an initial investment of just ₹ 1,000. Additionally, this scheme also has the facility of joint account, in which three adults can open an account together. You can apply for this by going to your nearest post office with the necessary documents.
**Monthly Income Guarantee**
While some investors try to build a large corpus over a long period of time, others look for schemes that generate regular income; This is an excellent scheme of the post office for such people. MIS is a one-time investment scheme, in which once you deposit the amount, you start getting monthly income. Earning interest starts one month after account opening and continues till maturity.
**Maximum investment limit**
Although investment in the Post Office MIS Scheme can start from ₹1,000, a maximum of ₹9 lakh can be deposited in an account at one time. If you open a joint account with your spouse, you can invest a maximum of ₹15 lakh. The condition is that the share of both the persons in the investment should be equal.
**Monthly income ₹9,250**
As mentioned, this scheme of the post office has the facility of maximum investment of ₹ 9 lakh for single account and up to ₹ 15 lakh for joint account. If you open a joint account with your spouse and invest a maximum of ₹15 lakh, you will get an interest of ₹9,250 every month at an interest rate of 7.4% per annum.
**Things to keep in mind while investing**
In PO MIS (Post Office Monthly Income Scheme) – a one-time investment scheme – you can choose to receive interest on a monthly, quarterly, half-yearly or annually basis. Closing the account before maturity of 5 years may result in financial loss. If the account is closed between one and three years from opening, 2% of the principal amount is deducted; If closure is made between three to five years, 1% is deducted. In case of death of the account holder before maturity, the account can be closed and the deposits are handed over to the nominee.
