This scheme of post office will give guaranteed income every month sitting at home, 100% government guarantee:

Do you also want to invest your lifetime savings in a place where there is no risk and you get a fixed income every month sitting at home? If yes, then Monthly Income Scheme (MIS) of Post Office is made only for you.

This is no less than a boon for those who are retired, housewives or who want to stay away from the ups and downs of the stock market.

So what is this MIS scheme?

Understand it in simple language. This is a government “pension” like scheme. You just have to deposit money in the post office once, and in return the post office keeps giving you interest on your deposited money every month for the next 5 years. On completion of 5 years, you get back the entire amount of money you had deposited.

This interest comes directly into your post office or bank savings account, from which you can easily pay your monthly small expenses like electricity bill, medicine expense or house rent.

How much money will you get every month by depositing ₹1 lakh?

Now let’s come to the most important thing.

• Currently the post office is giving an excellent interest of 7.4% per annum on this scheme.
• So if you deposit ₹1,00,000, your interest for the year is ₹7,400.
• The government distributes this annual interest equally over 12 months.
• That is, every month you will get approximately between ₹ 616 to ₹ 620.

This amount may seem small, but it is a guaranteed and risk-free income that you will receive every month.

Most important things of this scheme (Key Features)

• Investment Limit:
  • Minimum: ₹1,000
  • In the name of an individual: Maximum ₹9 lakh
  • Joint account of two or three people: Maximum ₹ 15 lakh
• Duration: This scheme is for 5 years.

Who can open this account?

Any Indian citizen, whether single, two or three people together (joint account), or parents can open this account in the name of their minor child.

What is the tax rule?
It is important to know that the interest received from this scheme is added to your annual income and is taxed as per your income tax slab. However, TDS is not deducted on this.

This scheme is a great option for those who want “Zero Risk and Guaranteed Returns” on their savings.