Post Office scheme: Invest in this post office scheme and get monthly income of Rs 9,000, know details

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Post office schemes are considered one of the trusted schemes as they are backed by the government. Post office also offers lump sum investment schemes in which one can invest a fixed amount at one go. Post Office Monthly Income Scheme Account (MIS) is one such scheme.

Under the scheme, one can invest a lump sum amount and get monthly income in the form of interest. The interest rate for January-March 2023 has been fixed at 7.1 per cent. However, the government sets the interest rate on a regular basis. The lock-in period for Post Office MIS is 5 years. You can withdraw the invested amount after maturity or reinvest it.

Finance Minister Nirmala Sitharaman announced in her budget speech 2023 that the maximum investment limit in this scheme will be increased from Rs 4.5 lakh to Rs 9 lakh for single account and Rs 15 lakh for joint account. The post office currently shows the past invest limit.

Once the investment limit is reached, investing Rs 15 lakh in a joint account can earn a monthly income of around Rs 9,000 (Rs 8,875) as interest. Under this, all the joint holders will have an equal share in the investment. Interest will be paid on completion of one month from the date of opening and so on till maturity.

For a single account, a monthly interest income of Rs 9 lakh in the scheme would be Rs 5,325, while a deposit of Rs 15 lakh in a joint account would give a monthly interest income of Rs 8,875.

Anyone can open an adult account under this scheme. A minor above the age of 10 years can also open an account in his own name. As a fixed income scheme, the money you invest is not subject to market risks and is quite safe.

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