Nowadays, everyone is looking for safe and rewarding ways to invest or save money. Among the most trusted options are the Post Office Savings Schemes, offering plans tailored for children, women, and senior citizens. These schemes are largely risk-free, ensuring your money stays secure while providing attractive interest rates and guaranteed government-backed returns.
Whether you want to earn a steady monthly income, save for the future, or simply grow your money safely, the Post Office offers a reliable solution for all. With its combination of security, simplicity, and consistent returns, it remains a favourite choice for millions seeking peace of mind and financial stability.
The Monthly Income Scheme (MIS) is ideal for retired senior citizens and homemakers. Under this scheme, you deposit a lump sum for five years, and from the date of your deposit, the Post Office pays you monthly interest. Currently, the scheme offers an interest rate of 7.4% per annum, which is higher than most banks. Your principal remains intact, while interest is credited every month to your Post Office account.
To put it in perspective, if you invest Rs 1 lakh in the scheme, you can expect to earn around Rs 616 every month. Increase your investment to Rs 5 lakh, and your monthly income rises to approximately Rs 3,083, making it a reliable way to generate a steady, risk-free income.
The interest you receive depends on the amount you invest. You can start investing with as little as Rs 1,000, with no strict upper limit. For a single account, the maximum deposit is Rs 9 lakh. For joint accounts with two or three individuals, the limit rises to Rs 15 lakh.
How to earn Rs 5,550 per month? By investing the maximum of Rs 9 lakh in a single account, you can earn a monthly income of Rs 5,550 at the current 7.4% interest rate. The scheme guarantees monthly interest payments for the full five-year tenure.
At the end of the five years, your entire principal will be returned. You may either use this money for personal purposes or reinvest it in the MIS, continuing to earn a steady monthly income.