PO Scheme: Open an account in the name of your wife under this post office scheme and earn interest of ₹9,250 per month..

The Post Office Monthly Income Scheme is a boon for those who want to keep their savings safe and receive a fixed monthly income. This scheme is especially popular among retired individuals, housewives, busy professionals, and families seeking a stable income while remaining risk-averse. The government-fixed interest rate on MIS schemes is reviewed four times a year, but once invested, the interest rate remains unchanged for five years.

Investment and Return Accounting

This scheme is very easy to understand. MIS is an account where you make a single deposit and receive a fixed monthly pension-like amount in the form of interest. For example, if a couple deposits ₹4 lakh in a joint account, they will receive ₹2,467 per month at an interest rate of 7.4%. This amount is essentially interest; your principal remains safe for five years and is returned in full upon completion of the term.

What will happen with the funds in a joint account?

The benefits of a joint account are also considerable. A joint account can include up to three people, and the investment limit is increased to ₹15 lakh. So, if a family wants more income, a deposit of ₹15 lakh will earn them approximately ₹9,250 per month, which can be a substantial additional income. Similarly, if you deposit ₹9 lakh, your monthly income reaches ₹5,550.

How to open an account
To open an account, all you need is a savings account at the post office. If you don't have one, you need to open one first. After this, you can open an MIS account by filling out a simple form. The post office is fully under the Government of India, so your funds invested in it are 100% safe. Schemes like MIS are perfect for those who need a fixed income without risk. This scheme provides excellent support to small investors and middle-class families to manage their monthly expenses without any stress.

So, if you and your spouse are looking for a secure and stable income, Post Office MIS is an excellent option for you. Invest once and enjoy a fixed monthly payment for 5 years—directly into your bank account, without any risk or hassle. (Note: This article is for informational purposes only and should not be construed as investment advice. It's recommended to consult a financial advisor before making any investment decisions.)

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