Post Office Scheme: How Rs 10 Lakh Can Fetch You Steady Monthly Returns
A lot of people want to invest their money without any risk. For people like them, the Post Office has introduced a scheme called the Monthly Income Scheme. Let's find out the full details of this scheme now.
What is this scheme? Who benefits from it?
The Post Office Monthly Income Scheme is a government-backed plan for steady monthly income. Your investment is totally risk-free, and the interest rate is locked for 5 years.
How much can be invested?
Here are the investment limits for individuals: Single Account: Max Rs 9 lakh. Joint Account: Max Rs 15 lakh. This means a couple can easily invest Rs 10 lakh in a joint account.
What is the latest interest rate? How is interest calculated?
The current interest rate on MIS is 7.4% annually, credited to your savings account monthly. The rate is fixed for 5 years, and you can even reinvest the interest.
How much will you get per month if you invest Rs 10 lakh?
If you invest Rs 10 lakh in a joint account at 7.4% annual interest, you'll receive Rs 6,166 monthly. This amount gets deposited into your savings account, a great income source.
What is the total profit in 5 years?
Over 5 years (60 months), you'll earn Rs 3,69,960 in interest. After five years, your total becomes Rs 13,69,960. That's nearly Rs 3.7 lakh in risk-free interest alone!
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