Post Office Monthly Income Scheme: On Diwali, people celebrate Goddess Lakshmi, the goddess of wealth. Diwali is regarded as an excellent time to invest in such a scenario. Even in this day and age, many still like investing in post office small savings plans despite the abundance of investment options accessible on the market. We are going to tell you about a plan today that guarantees monthly returns for investments made after retirement.
Introduction to Post Office Monthly Income Scheme
The Post Office Monthly Income Scheme is the name of this programme. This plan can be a better choice for you if you wish to receive a pension or a fixed sum each month after retirement. We are going to explain to you the specifics of the monthly income plan.
Lump Sum Investment for Enormous Returns
By making a lump sum investment under the Post Office Monthly Income Scheme, you can receive enormous returns. You can open a single or joint account under this system. Two or three people can open an account together under a joint account. An individual who is older than ten years old may open a MIS account. You can invest anywhere between Rs 1,000 and Rs 15 lakh with this scheme. A single account can only have a maximum investment of Rs 9 lakh.
Government-Set Interest Rates
The interest rates of small savings plans are periodically set by the government. These rates are valid for use every quarter. Interest at a rate of 7.40 percent is being paid for the third quarter of the fiscal year 2023–2024. For instance, you will receive interest payments of Rs 9,250 per month if you deposit Rs 15 lakh in this scheme. This interest can be withdrawn monthly, every three months, every six months, or once a year. In this case, you are eligible to receive interest totaling Rs 5,55,000 over the course of five years.
Five Years Initial Term
It’s important to remember that you have five years to invest your money under the Post Office Monthly Income Scheme. You can extend your investment for an additional five years under this arrangement. Additionally, you are free to close your account before the five years have passed. Two percent of your total payment will be withheld if you close your MIS account within the first three years. One percent of the entire sum will be subtracted over the course of three to five years.