You can open an account with your wife in the post office.Image Credit source: AI
If you are looking for a safe and fixed income investment, then Post Office Monthly Income Scheme (MIS) can be a good option for you. In this scheme, you have to invest money only once and then every month you keep getting the fixed amount of interest. This money is transferred directly to your bank account.
If you want, you can also open this account as a joint account with your wife or any family member. In such a situation, you can get fixed interest up to a maximum of ₹ 9,250 every month.
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Interest rates and investment limits
At present post office 7.4% annual interest is available on MIS scheme. You can open an account with a minimum of ₹ 1,000. You can invest maximum up to ₹ 9 lakh in a single account. A maximum of ₹ 15 lakh can be deposited in a joint account (up to three people). If you deposit ₹10 lakh along with your wife, you can get a good fixed income every month from interest only.
You will get fixed interest every month
Suppose you have deposited Rs 10 lakh in MIS, then you will get fixed interest of Rs 6,167 every month. The maturity of this scheme is 5 years. After completion of 5 years (after maturity), both your entire investment and interest are returned to your account. To invest in this scheme, you must have a post office savings account.