Monthly Income Scheme (MIS) in the Small Savings Scheme of the Post Office gives you the opportunity of fixed income every month. It offers an annual interest rate of 6.6%. Its maturity period is 5 years
There are many types of Saving Schemes running in the Post Office. Post office is the safest place for investment. There is no risk of any kind here. Most of the people want to invest money only where the returns are good. If you are also planning to invest, then you can choose the Monthly Income Scheme of the Post Office. This is a small saving scheme of the post office. By investing in this scheme, you will get money annually or monthly.
Monthly Income Scheme is a type of pension scheme. By depositing a lump sum money in this, income can be arranged for yourself every month. This post office scheme is for five years. However, you can extend it further for 5-5 years as per your convenience.
In this scheme of the post office, an annual interest of 6.6 percent is available. Its maturity period is 5 years. After 5 years you will start getting guaranteed monthly income. If you deposit Rs 4.5 lakh in lump sum, then after 5 years you will get Rs 29,700 every year. If you want income every month then you will earn Rs 2475 per month. If you open a joint account, then you have to deposit Rs 9 lakh. In this, the amount of interest will be Rs 59,400. If you want to take money every month, then you will get Rs 4950 every month.