Post Office MIS: A fixed monthly income option is popular among a number of investors, specially senior citizens, who want a particular amount to be deposited into their account. They may need this monthly income to meet their daily expenses, medical care, or a lot of other needs.
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Plus, having a monthly income option gives them a sense of financial freedom as they don’t need to depend on others for their basic needs.
There are many options available for monthly income. Post Office Monthly Income Scheme Account (MIS) is one such scheme where one gets monthly income after a one-time lump sum investment.
One can get a monthly pension of up to Rs 5,550, while in a joint account, one can get a monthly pension of up to Rs 9,250.
Know the salient features of the scheme and how much investment you have to make to get a monthly pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000, and Rs 5,000 in the individual account of the Post Office MIS.
Post Office MIS features
The monthly scheme offers an interest rate of 7.4 per cent annum payable monthly.
The minimum investment amount will be Rs 1,000, while the maximum amount in an individual account will be Rs nine lakh and in a joint account, it will be Rs 15 lakh.
Then interest is payable on the completion of a month from the date of opening, and so on till maturity.
The interest one earns is taxable in the hands of the depositor.
The maturity period of the scheme is five years from the date of opening the account.
One can also close the MIS account prematurely, but the post office will deduct up to two per cent from the principal amount.
After the maturity period, one can take their deposited amount back, and the pension will be stopped.
How to get Rs 1K, 2K, 3K, 4K, and 5K monthly pension
Since the scheme gives a 7.4 per cent annual interest rate, one needs to make a lump-sum investment of Rs 1,62,000 to get a Rs 1,000 monthly pension.
For a Rs 2,000 monthly pension, one needs to make a one-time investment of Rs 3,25,000.
An investment of Rs 4,86,500 can give you a monthly pension of Rs 3,000.
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For a Rs 4,000 monthly pension, one needs to make an investment of Rs 6,48,700.
One needs to make a one-time investment of Rs 8,11,000.
