Post Office MIS Scheme Calculator: An earning individual (either salaried or businessman) always wants a fixed regular income other than the regular avenue for revenue. Post Office Monthly Income Scheme (MIS) is one such option. As per the Post Office MIS scheme details, if an earning individual has opened joint account with spouse, then the monthly income under Post Office scheme gets doubled as well! Yes, you read that right! And you can get it too. Read on, to know how.

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According to tax and investment experts, the Post Office Monthly Income Scheme is suitable for those investors who are seeking fixed monthly income but are unwilling to take any risks in their investments. In times of coronavirus, this means virtually everyone with a job. However, previously, it was considered more favourable for retired individuals or senior citizens who have landed into the no-more-paycheck zone. But, it doesn't mean the Post Office MIS scheme is restricted to senior citizens or retired people only.

Speaking on the Post Office MIS Scheme, SEBI registered tax and investment expert Jitendra Solanki said, "Post Office Monthly Income Scheme (MIS) is suitable for the investors seeking a one-time investment to serve the purpose of getting regular income to maintain their lifestyle. In Post Office MIS Scheme, an investor can invest a maximum of up to Rs 4.5 lakh but in the case of joint account with spouse, the maximum investment limit becomes doubled to Rs 9 lakh."

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Discussing the expected return under Post Office MIS Scheme Manikaran Singhal said, "Post Office MIS Scheme interest rate is currently at 6.6 per cent. Means an investor can gain as much as Rs 29,700 in the form of annual interest if he invests Rs 4.5 lakh in Post Office MIS Scheme. However, in the case of a joint account, the net investment can be doubled up to Rs 9 lakh and in such a case the annual returns would jump to Rs 59,400! If we divide this net amount by 12 months, then one would get a monthly income of Rs 4,950."

This Trick Can Hive Investor Even More Money 
Singhal went on to add that if the Post Office MIS Scheme investor doesn't want to withdraw this Rs 59,400 annual interest, then he can leave it in the account and make even greater amounts of money!

How? Investor can gain more money through the interest and avail the amazing benefits of compounding! So, gaining interest on top of interest means 6.6 per cent interest on Rs 59,400 that will add Rs 3,920.40 means after two years of Rs 9 lakh investment the net amount in Post Office MIS Scheme available will be Rs (9,00,000 + 59,400 + 3920.40) means Rs 9,63,320.40!

That is a cool amount of money security to build without having to do anything except invest a lumpsum in the beginning. So, you can make money even while you sleep.