Post Office Scheme: You can earn Rs 1,11,000 yearly through this govt scheme, Know how
Post Office Scheme: Everyone wants a regular income to meet their daily expenses, but most of us are not sure where to invest our money to get that steady income every month. For this, the Post Office Monthly Income Scheme (Post Office MIS) is a popular option that can help you fulfill your needs. Moreover, this scheme is non-market-linked and provides guaranteed returns. One can earn Rs 1,11,000 yearly, or Rs 9,250 monthly, through the Post Office MIS scheme.
Post Office MIS: Deposit limit
In this government scheme, single and joint account facility is available. A maximum of Rs 9 lakh can be deposited in a single account and a maximum of Rs 15 lakh can be deposited in a joint account. Your deposited amount remains completely safe and you earn interest every month.
Post Office MIS: Interest
Currently, the Post Office provides 7.4 per cent returns on this scheme. Through a joint account, you can earn Rs 9,250 every month. You can deposit money in this scheme for a maximum of five years.
Post Office MIS: How to earn Rs 1,11,000 yearly
If you deposit Rs 15 lakh in a joint account, you will get a guaranteed income of Rs 1,11,000 in a year at 7.4 per cent interest, and in 5 years you will earn Rs 1,11,000 x 5 = Rs 5,55,000 from interest. If the annual interest income of Rs 1,11,000 is divided into 12 parts, it will come to Rs 9,250. That means every month you will have an income of Rs 9,250.
Post Office MIS: Single account returns
If you open a single account in the Post Office Monthly Income Scheme and deposit Rs 9 lakh in it, then you can get Rs 66,600 as interest in one year, and in five years, the interest amount will be Rs 66,600 x 5 = Rs 3,33,000. In this way, you can earn Rs 66,600/12 = Rs 5,550 per month only from interest.