Numerous Post Office savings plans are highly well-liked by modest investors. The Post Office Monthly Income Scheme is one of those programs. Anyone may make money each month with this plan. For people who want a steady income, this plan is quite advantageous. You can receive Rs 9,250 a month and Rs 1,11,000 annually under this arrangement. Tell us about this plan and how we may contribute to it.
MIS planning: what is it?
You can earn interest each month through the Post Office MIS deposit plan. The amount you deposit determines how much you make. The post office savings account receives the interest accrued in the account. After five years, you can take your deposit back. You can invest in this plan if you wish to benefit from it in the future.
Giant and Single Accounts
You can create both single and gigantic accounts using this plan. Two or three people’s accounts can be opened. A joint account has a larger deposit limit than a single account. In this case, you can deposit more money and make more money if you and your wife open a large account.
A single account can hold up to Rs 9 lakh, while a large account can hold up to Rs 15 lakh. You will receive interest on your deposit for five years, and you only need to make one deposit. At the moment, this plan provides a 7.4 percent interest rate.
How to Earn Rs 1,11,000
At an interest rate of 7.4 percent, you and your spouse will receive Rs 9,250 per month, or Rs 1,11,000 annually, if you deposit Rs 15 lakh in this scheme. 5,55,000 (1,11,000 * 5) In just five years, you might earn Rs 5,55,000 in interest in this manner.
What is the total amount of income in one account?
Under this arrangement, you can deposit up to Rs 9 lakh into a single account. In this case, you can earn Rs 5,550 a month and receive Rs 66,600 in interest over the course of a year at an interest rate of 7.4 percent. In this manner, interest alone can generate Rs 3,33,000 over the course of five years.
Who is eligible to register for an account under this plan?
The Post Office Monthly Income Scheme allows every citizen of the nation to open an account. A child’s name may also be used to open the account. The child’s parents or legal guardian may open this account in the child’s name if the child is younger than ten.
