Post Office Monthly Income Scheme: If you are looking for a source of income every month through a lump sum investment of your money, then there is a good chance. The Central Government has increased the interest rates for the Post Office Monthly Income Scheme (Post Office MIS) by 0.4 percent, giving great relief to the Small Savings Scheme. Now, this scheme will get 7.1 percent annual interest instead of 6.7 percent. After which the monthly income of those who deposit money afresh in this scheme will increase. You can check the calculation of the difference between the profit before and now.
What is this scheme
The Monthly Income Scheme (POMIS) included in the Post Office Small Savings Scheme allows investors to earn every month. In this scheme, you can earn regular income by investing lump sum money. Here your entire investment will be safe and you can withdraw the entire amount after 5 years. It has the facility to open single and joint accounts. A maximum of Rs 4.5 lakh can be invested in POMIS through a single account. At the same time, a maximum of Rs 9 lakh can be invested through a joint account.
Now how much will be earned every month
Scheme: Post Office Monthly Income Scheme
Interest rate: 7.1 percent per annum
Maximum investment from joint account: Rs 9 lakh
Annual Interest: Rs 63900
Monthly interest: Rs 5325
Investment from a single account: Rs 4.50 lakh
Annual Interest: Rs 2,66,250
Monthly interest: Rs 22,188
How much was the income earlier
The interest rate for the Post Office Monthly Income Scheme (POMIS) for the December quarter was 6.7 percent per annum. In this context, the total interest earned for one year on depositing a maximum of Rs 9 lakh from the joint account was Rs 60300. This amount will be distributed in 12 months of the year. In this way, the interest every month was about Rs 5025. While the monthly interest earned on depositing Rs 4,50,000 lakh through a single account was Rs 2,513.
Post Office MIS: Maturity 5 years
The maturity of this scheme is 5 years, but after 5 years it can be extended according to the new interest rate. Under the scheme, you are getting better returns as compared to bank FD. If you do not withdraw the monthly money, it will remain in your post office savings account and you will get further interest by adding this money along with the principal amount.
