Post Office Monthly Income: Because they are backed by the government, schemes through the Post Office are regarded as one of the most reliable. Additionally, the Post Office provides schemes for lump sum investments in which a predetermined sum can be invested all at once. The Post Office Monthly Income Scheme Account (MIS) is one such plan that it offers.
One can participate in the scheme by investing a large sum and receiving interest payments on a monthly basis. The interest rate for the months of January and March 2023 has been set at 7.1%. However, the interest rate is regularly set by the government. Post Office MIS has a lock-in period of five years. After maturity, you can either reinvest or withdraw the invested amount.
Finance Minister Nirmala Sitharaman made the announcement in her Budget Speech 2023 that the maximum amount that can be invested in this scheme will be increased from Rs 4.5 lakh to Rs 9 lakh for a single account and Rs 15 lakh for a joint account. However, the Post Office’s official website currently displays the previous investment limits.
After investing Rs 15 lakh in a joint account, one can earn nearly Rs 9,000 (Rs 8,875) in interest per month once the investment limit is increased. This means that each joint owner will get the same share of the investment. From the opening date all the way through maturity, interest will be paid out every month at the end of that month.
A single account with a deposit of Rs 9 lakh will receive a monthly interest income of Rs 5,325, while a joint account with a deposit of Rs 15 lakh will receive an interest income of Rs 8,875.
Under this plan, any adult can open an account. A minor over the age of 10 can also open an account under their own name. The money you put into a fixed-income plan is safe and not vulnerable to market risks.
