Different post office schemes are good options for investors to earn fixed monthly income. Check how much amount you can invest & returns on it.
In case you want steady monthly income for a few years to meet some expenses, post office schemes can be a good option to consider.If you invest in a right scheme it can give you a substantial amount to meet your monthly expenses.
On a guaranteed return scheme, the interest rate you receive is fixed. Post Office Monthly Income Scheme Account (MIS) is such a small savings scheme, where your one time investment can give you a monthly income of up to Rs 5,550 in an individual account and Rs 9,250 in a joint account.
Post Office Monthly Income Scheme Account (MIS) Details
The scheme offers a 7.4 per cent per annum interest rate payable monthly. One can open a single account or a joint account (up to 3 adults).
Investors can open an MIS account with just Rs 1,000. Maximum investment limit in a single MIS account is Rs 9 lakh and INR 15 lakh in joint account.
The amount invested by you will give you a monthly income for five years. Interest is payable after the completion of every month from the date of the account opening and till the maturity.
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Benefits Of Post Office (MIS) Scheme
The scheme provides tax benefits of up to Rs 1.50 lakh in a financial year on deposits under Section 80C of the Income Tax Act. However, to take this benefit, investors need to hold deposits for five years.
The account can be prematurely closed by submitting a prescribed application form with a pass book at the concerned Post Office.
How Will You Get Rs 5,550 Monthly Income Through Scheme
If you invest Rs 9 lakh in a MIS, then you can get a monthly income of Rs 5,550 for five years in a row.
If you invest a one-time Rs 15 lakh in a joint account, then you can get a monthly income of Rs 9,250 for five years.
