Indian Post Office Scheme: By investing money in this scheme of Indian Post, you will earn this much every month..

Investors often prefer to invest in post offices, as investing in post offices is considered safe and guaranteed returns are available here. Along with this, there are many types of investment schemes available in the post office, one of the major schemes of which is - the Monthly Income Scheme (MIS). Under this scheme, investors get a fixed amount as interest every month. Let us know more about this scheme in detail.

What is a Monthly Income Scheme?

Post Office Monthly Income Scheme (MIS) is a popular savings scheme, which gives guaranteed income to investors every month. This scheme can become a source of safe and stable income after retirement. This is a micro-savings scheme, which has been made even more attractive by the Central Government from April 1. The government has increased the interest rate on this scheme and has also increased the investment limit.

Terms and process of investment

There are some important things for investors to keep in mind in this scheme. If you withdraw your money after a year, you can withdraw the entire amount. But if the money is withdrawn within one to three years, a fee of two percent will be charged. However, after deducting this fee, the remaining amount is returned to the investor. If the account is closed prematurely within three years, a certain amount of the deposit is deducted.

Interest rate and investment limit
Currently, an annual interest rate of 7.4 percent is being received on the Monthly Income Scheme. The minimum investment in this scheme can start from Rs 1,000. At the same time, a maximum of Rs 9 lakh can be invested in this scheme. The special thing is that a joint account can also be opened under this scheme, and the maximum investment limit in such accounts is up to Rs 15 lakh.

Facility to change joint account and single account
There is another important aspect of this scheme – joint account. If you open a joint account, it can be converted into a single account. Apart from this, there is also an option to convert a single account into a joint account, which provides flexibility to investors.

The amount received on investing Rs 5 lakh
Now the question arises that if an investor invests Rs 5 lakh in the Monthly Income Scheme, how much amount will he get every month? In fact, under the Monthly Income Scheme on an investment of Rs 5 lakh, the investor gets an amount of Rs 3,083 every month, which is a good monthly return.