Not a Single Account But Double Benefit, Now Joint Accounts will also be opened in the post office scheme

News India Live, Digital Desk: Monthly Income Scheme:Nowadays everyone wants to invest their hard-earned money in a place where good returns are also received along with security. Keeping this objective in mind, many post office schemes are extremely popular, and one of them is a special scheme Monthly Income Scheme MIS. This scheme is very good especially for those who want to get a certain income every month by investing outright money. It not only gives you regular monthly returns, but also keeps your money completely safe, as it is a scheme supported by the Government of India.

The biggest advantage of the monthly income scheme is that it gives a fixed monthly return on your investment, so that you can easily plan your expenses every month. This scheme is best for those retired people, housewives or such persons who require a permanent monthly income. Its duration is also fixed, which makes you know how long you will get returns.

If we talk about its investment limit and interest rates, then according to the current rules, any person alone can invest a maximum of Rs 9 lakh in the monthly income scheme. If it comes to joint account joint account, then this limit doubles, that is, husband and wife can invest up to Rs 15 lakh. The joint account facility makes it even more attractive to a family. The interest rate on the plan is fixed by the government from time to time, which is considered quite attractive in the current environment and is usually better than the bank FD.

Now let’s talk about how your wife or family can get regular income every month from this scheme. If you invest a maximum of Rs 15 lakh which is possible only through a joint account), and the current interest rate, suppose, is 7.4 percent annual which can change according to the financial markets), then you will get an interest of about Rs 1,11,000 annually. If you look at it on a monthly basis, then about 9,250 rupees will be deposited directly in your account. This amount can act as a small monthly pension for your wife or other members of your family, which will be helpful in meeting their economic needs.

The maturity period of this scheme is 5 years. This means that once you deposit money, you will continue to get this definite income every month for 5 years. On completion of 5 years, you will get back your entire deposit capital principal. If you want, you can invest that money again in this scheme or use it for any other need.

To open an account in this scheme, you have to go to the nearest post office. There is a simple form to fill, the required documents have to be submitted such as identification proof and address proof, and deposited amount. Since this is a government-backed scheme, there is no risk of market fluctuations and your money is completely safe. This is truly a great way to financially strengthen your family’s future.