post office
Nowadays, amidst market fluctuations and global tension, most people are looking for safe investments. In such a situation, Post Office Monthly Income Scheme (POMIS) emerges as a reliable option. In this, money remains safe and fixed income is also available every month.
What is Post Office MIS?
This is a small savings scheme supported by the Central Government. Specially designed for those who want regular income every month without risk. Like retired people or investors wanting fixed income.
What is the interest rate?
At present 7.40% annual interest is being given on this scheme. The good thing is that this interest is transferred to your account every month, due to which you keep getting regular income.
How to get Rs 5,550 every month?
If you invest Rs 9 lakh in this scheme, you will get interest of around Rs 66,600 annually. If you divide it monthly then approximately Rs 5,550 will come into your account every month.
More benefits in joint account
If you open a joint account, the maximum investment limit becomes Rs 15 lakh. Annual interest on this will be around Rs 1,11,000, which means there can be an income of around Rs 9,250 every month.
Investment Period and Terms
The maturity of this scheme is 5 years. That means after 5 years you can withdraw your entire money. If you want, you can continue your monthly income by investing again. However, some penalty has to be paid for withdrawing money before maturity, so it is important to keep this in mind before investing.
Why is it a good option?
Post Office MIS is better for investors who want secure and regular income. In this the risk is almost negligible and the returns are also fixed. Overall, if you want fixed income every month without risk, then this scheme can be a good option for you.
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