Earn up to Rs 9,250 every month with this post office income scheme

Post Office monthly income scheme: A steady monthly income is essential to cover regular expenses and ensure financial stability. The Post Office Monthly Income Scheme (MIS) offers a guaranteed return on a one-time investment, providing a reliable source of monthly income. By investing in this small savings scheme, you can earn up to Rs 5,550 per month from an individual account and up to Rs 9,250 from a joint account.

Key features of the Post Office monthly income scheme

• Interest Rate: The scheme offers a 7.4% annual interest rate, payable monthly.
• Minimum Investment: You can open an MIS account with a minimum of Rs 1,000.
• Account Types: Accounts can be opened individually or jointly (up to three adults).
• Maximum Investment: The maximum investment is Rs 9 lakh for a single account and Rs 15 lakh for a joint account.
• Duration: The investment provides a monthly income for five years, with interest payable at the end of each month from the date of account opening until maturity.
• Premature Closure: Accounts can be closed prematurely by submitting the required application form and passbook at the concerned post office.

Tax Benefits

The scheme offers tax benefits under Section 80C of the Income Tax Act, with deductions up to Rs 1.50 lakh per financial year. To avail of this benefit, deposits must be held for five years.

Income Calculations

• For Rs 5,550 Monthly Income: By investing Rs 9 lakh in an MIS, you can receive a monthly income of Rs 5,550 for five years.
• For Rs 9,250 Monthly Income: By investing Rs 15 lakh in a joint account, you can earn a monthly income of Rs 9,250 for five years.

The Post Office Monthly Income Scheme is a practical option for those seeking a secure and predictable monthly income through a one-time investment.