Guaranteed Returns! How to earn Rs 1,11,000 annually from the Post Office MIS plan?
The post office offers various schemes, including those allowing you to earn lakhs annually with a small investment. Here's one such scheme.
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Post Office Monthly Income Scheme
If you have funds but lack regular income, a post office scheme can be beneficial. This risk-free, guaranteed income scheme helps earn monthly. Investing jointly with your spouse can yield Rs 1,11,000 annually.
Post Office Schemes
We're discussing the Post Office Monthly Income Scheme, which provides monthly income. A lump sum is deposited for 5 years, earning interest. Single and joint accounts are available. With your spouse, earn Rs 5,55,000 in 5 years.
Post Office MIS
In Post Office MIS, deposit Rs 9 lakhs in a single account and Rs 15 lakhs in a joint account. Currently, it offers a 7.4% interest rate. A joint account with Rs 15,00,000 earns Rs 1,11,000 yearly and Rs 5,55,000 over 5 years.
Post Office Monthly Income
The Post Office Monthly Income Scheme offers 7.4% interest. Depositing Rs 15 lakhs jointly earns Rs 9,250 monthly at 7.4%. Rs 9,250 x 12 = Rs 1,11,000 annual income. Rs 1,11,000 x 5 = Rs 5,55,000 earned in 5 years.
Monthly Income Scheme
A single account allows a maximum deposit of Rs 9 lakhs, earning Rs 5,550 monthly interest. Annually, this is Rs 5,550 x 12 = Rs 66,600. Over 5 years, it's Rs 66,600 x 5 = Rs 3,33,000 in interest.
Post Office MIS Benefits
Interest is paid monthly to your post office savings account. The principal remains secure. Withdraw after 5 years. Open a new account after maturity to continue.
Post Office MIS Rules
Any Indian citizen can open an account, even in a child's name. For children under 10, parents/guardians can open it. At 10, the child gains control. A post office savings account, Aadhaar, and PAN card are required.
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