Let your money earn for you: Get Rs 9,000 in Your Account Monthly; Know how

Post office: Whether you're employed or run a business, everyone wants a steady income after retirement. The Post Office offers a great option for such people. Let's learn about one such excellent scheme now. 

Post Office MIS Scheme

The Post Office Monthly Income Scheme (MIS) is a fixed-income plan. Deposit a lump sum once to get a steady monthly income. It's a great risk-free investment, unaffected by market ups and downs.

Interest Rate and Investment Limits

* The current annual interest rate is 7.4%.
* Min deposit is Rs. 1,000; max is Rs. 9 lakh (single) or Rs. 15 lakh (joint). Investing Rs. 15 lakh can earn you about Rs. 9,250 monthly.

Maturity Period

This scheme matures in five years, after which you get your deposit back. Interest is credited monthly to your account. You can then reinvest the amount in a new MIS account.

Who is this scheme for?

This scheme is ideal for risk-averse investors, retirees, and anyone seeking a stable monthly income. Unlike mutual funds, MIS offers a stable, guaranteed return, making it a secure choice.

Things to remember before investing

* You need a Post Office savings account to join. * Penalties apply for early withdrawal. Disclaimer: This is for info only. Consult a financial advisor before investing.