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What is this scheme? Who benefits from it?
The Post Office Monthly Income Scheme is a government-backed plan for steady monthly income. Your investment is totally risk-free, and the interest rate is locked for 5 years.
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How much can be invested?
Here are the investment limits for individuals: Single Account: Max Rs 9 lakh. Joint Account: Max Rs 15 lakh. This means a couple can easily invest Rs 10 lakh in a joint account.
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What is the latest interest rate? How is interest calculated?
The current interest rate on MIS is 7.4% annually, credited to your savings account monthly. The rate is fixed for 5 years, and you can even reinvest the interest.
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How much will you get per month if you invest Rs 10 lakh?
If you invest Rs 10 lakh in a joint account at 7.4% annual interest, you’ll receive Rs 6,166 monthly. This amount gets deposited into your savings account, a great income source.
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Image Credit : Google
What is the total profit in 5 years?
Over 5 years (60 months), you’ll earn Rs 3,69,960 in interest. After five years, your total becomes Rs 13,69,960. That’s nearly Rs 3.7 lakh in risk-free interest alone!
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