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When it comes to safe investment and excellent returns, there is no comparison with the government schemes of the post office. The government itself guarantees the security of every investment, that is why these are called “zero-risk saving schemes”. This scheme not only gives assurance of building a big fund from small savings, but also ensures a fixed income every month. If you open a ‘Joint Account’ with your spouse, you can earn ₹9,250 every month through the Post Office Monthly Income Scheme (MIS). Come, let us know the complete mathematics of this wonderful scheme.

Great interest rates and investment start

The government is currently offering an attractive interest rate of 7.40% on its Monthly Income Scheme (MIS). This scheme is for a period of 5 years and anyone above 18 years of age can open an account in it. The good thing is that you can start investing with a very small amount i.e. just ₹ 1,000. With the facility of joint account, three people can also invest together. For this you just have to go to the nearest post office with your important documents.

Monthly income guarantee and investment limits

If you are looking for an option where once you deposit money, you keep earning every month, then MIS is best for you. You start getting money in the form of interest from one month after opening the account, which continues till maturity. Talking about investment limits, you can deposit a maximum of ₹ 9 lakh in a single account, while husband and wife together can invest a maximum of ₹ 15 lakh in a joint account. The only condition is that the share of both in the investment should be equal.

Earning of ₹9,250 every month

If you invest a maximum of ₹ 15 lakh in this post office scheme through a joint account, then you will get an interest of ₹ 9,250 every month at the annual interest rate of 7.4%. This is very beneficial for those people who want to keep their savings safe and meet household expenses or want additional income every month.

Important precautions to investment

To get interest in this scheme, you can choose monthly, quarterly, half yearly or yearly option. Keep in mind that this is a scheme with maturity of 5 years. If you close it prematurely, you may have to pay a penalty. If the account is closed between 1 to 3 years, 2% will be deducted from the principal amount, and if the account is closed between 3 to 5 years, 1% will be deducted. At the same time, on the death of the account holder, the entire amount is handed over to the nominee.