No financial worries after marriage: Earn ₹9,000 per month with this Post Office scheme

Post Office MIS: The Post Office Monthly Income Scheme offers monthly interest backed by a government guarantee on a lump-sum investment. A husband and wife can open a joint account to earn a monthly income of approximately ₹9,250.

Post Office Monthly Income Scheme: If you are looking for an investment where your capital remains completely safe while ensuring a fixed monthly income, the Post Office Monthly Income Scheme could be an excellent option for you. The government itself guarantees every investment made in this scheme, making the risk factor extremely low.

A key feature of this scheme is that, after making a one-time deposit, you can earn a regular income in the form of monthly interest. In particular, a husband and wife can open a joint account to benefit from a monthly income of ₹9,250.

How much to invest and what will be the monthly earnings?

The Post Office MIS is a one-time investment scheme. Once you invest, you start receiving regular income in the form of interest from the very next month, and the scheme continues until maturity.

Single Account: Maximum investment of ₹9 lakh
Joint Account: Maximum investment of ₹15 lakh (equal shareholding by both account holders is mandatory)
This means that if a husband and wife jointly invest ₹15 lakh, they will receive approximately ₹9,250 per month as interest, calculated at an annual rate of 7.4%. This option is particularly beneficial for those seeking a regular monthly income.

Key features of the Post Office Monthly Income Scheme

The scheme currently offers an annual interest rate of 7.4%, providing you with a regular monthly income.
The investment tenure is fixed at 5 years.
Upon completion of the 5-year term, the invested principal amount is returned to you. You can start investing with a minimum amount of ₹1,000.

Points to consider before investing:

You can choose to receive the interest earned on this scheme on a monthly, quarterly, half-yearly, or annual basis. However, closing the account before the 5-year maturity period may result in a financial loss.

A deduction of 2% of the principal amount is made if the account is closed between 1 and 3 years.
A deduction of 1% is made if the account is closed between 3 and 5 years.
In the event of the account holder's death, the account can be closed before maturity, and the deposited amount is paid to the nominee.