If you’re worried about income after retirement, the Post Office Monthly Income Scheme (MIS) might be just what you need. With this plan, you can invest once and earn every month, without taking any risk.
Most people know the post office for sending letters. But today, post offices offer many financial services like savings accounts, fixed deposits, and recurring deposits. One of the most popular options is this monthly income scheme, especially for those looking for a steady and safe return.
Invest Once, Earn Every Month
The scheme allows you to invest a lump sum and get interest every month. You can invest between ₹1,000 to ₹9 lakh in a single account. If you open a joint account, the limit increases to ₹15 lakh. The annual interest rate is 7.4%, and the interest is paid monthly.
The scheme has a lock-in period of 5 years, but there are some conditions under which you can withdraw money early.
Real Example of Monthly Returns
If you invest ₹9 lakh, you will earn around ₹5,550 every month. Over 5 years, that’s a total interest of ₹3,33,000. For a joint account with ₹15 lakh invested, the monthly income goes up to ₹9,250.
At the end of 5 years, you get your full investment back as well.
Here’s a quick summary of possible returns:
Investment (₹) | Total Interest (₹) | Total Return in 5 Years (₹) |
---|---|---|
₹50,000 | ₹18,500 | ₹68,500 |
₹1,00,000 | ₹37,000 | ₹1,37,000 |
₹2,00,000 | ₹74,000 | ₹2,74,000 |
₹4,00,000 | ₹1,48,000 | ₹5,48,000 |
₹5,00,000 | ₹1,85,000 | ₹6,85,000 |
₹9,00,000 | ₹3,33,000 | ₹12,33,000 |
Why Choose This Scheme?
- Government Guarantee: This scheme is backed by the Indian government, so your money is safe.
- Fixed Monthly Income: You get stable monthly earnings, which is great for retirees or those who want regular income.
- Flexible Options: Choose a single or joint account, and invest the amount that suits you.
- Easy Process: Just fill out a simple form at your nearest post office to start.
Final Words
If you want your savings to work for you every month, the Post Office Monthly Income Scheme is a smart choice. It’s secure, gives you guaranteed returns, and helps build a steady source of income without needing to worry about market risks.