Post Office Monthly Income Account (MIS): How to get Rs 5,000 monthly income through this post office scheme
National Savings Monthly Income Account, also known as Post Office MIS offers guaranteed monthly income after a one-time investment. The scheme provides an interest rate of 7.4 per cent annually and comes with a lock-in period of five years. One can get a maximum monthly income of Rs 5,550 in a single account and Rs 9,250 in a joint account. One gets their principal amount back at the time of maturity. Know more about Post Office MIS and how one can get a monthly income of Rs 5,000.
Post Office MIS: Crores of people in India opt for investment schemes where their money can remain safe, they get guaranteed returns, and a pension-like income where their monthly expenses are met. The don't want to invest their money in market-linked investment schemes, where the prospects of high returns are in abundance, but where a downturn can also kill their principal investment. That's probably the reason Post Office schemes, despite their low returns, are quite popular in the country. One of such scheme is National Savings Monthly Income Account (MIS).
The scheme provides a fixed monthly income after a one-time investment in the form of deposit. One can get a maximum of Rs 9250 (in a joint account) and Rs 5,550 (in a single account) in Post Office MIS. In this write-up, we will tell you how you can get a fixed pension of Rs 5,000 a month. But before that, let's get to the basics of Post Office MIS.
What is Post Office MIS?
It's a fixed monthly pension scheme run by Post Office. One can have a single account or a joint account (up to three adults) and depending upon that can make a maximum one-time investment.
The depositor gets the monthly pension and on the maturity of the scheme, they get their principal back.
ALSO READ | Your Rs 1 lakh investment would have grown up to Rs 10.80 lakh in these 7 mutual funds in 10 years
Post Office MIS: What is minimum and maximum investments?
One can open an account with a minimum amount of Rs 1,000. The maximum amount limit for an individual is Rs nine lakh, while maximum amount limit for the joint account is Rs 15 lakh.
Post Office MIS: Interest rate
The interest rate in Post Office MIS is 7.4 per cent per annum payable monthly. Interest is payable on the completion of a month from the date of opening and so on till maturity.
Post Office MIS: Maturity
The maturity period for the post office is five years.
However, if the MIS accountholders dies before the maturity date, post office closes the account and the amount is returned to nominee/legal heirs of the accountholder.
Post Office MIS: How to get Rs 5,000 monthly pension
Since the interest rate in the post office scheme is 7.4 per cent, one needs to make a one-time deposit of Rs 811,000 to get a pension of Rs 5,002.
ALSO READ | Retirement Planning: How you can get Rs 50,000 monthly pension through NPS investment; know calculations
Post Office MIS: How much will I get if invest Rs nine lakh
On a Rs nine lakh investment in an individual account, one gets a pension of Rs 5,550 for five years, or 60 months, in a row
Post Office MIS: How much will I get if invest Rs 15 lakh
If on invests Rs 15 lakh in the joint account, the duo will get Rs 9,250 every month for the next five years.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.