Post Office MIS: Will Rs 8 lakh investment be sufficient for providing Rs 5,000 monthly income for 5 years in this guaranteed return scheme?
One can open a single or a joint MIS account with a minimum investment of Rs 1,000. The scheme offers 7.4 per cent interest annually payable monthly. A guardian on behalf of a minor or a person of unsound mind, and a minor above 10 years old, can in his own name. If you are opening a single account, the maximum deposit will be Rs nine lakh. If you are opting for a joint account, the maximum deposit will be Rs 15 lakh.
![Post Office MIS: Will Rs 8 lakh investment be sufficient for providing Rs 5,000 monthly income for 5 years in this guaranteed return scheme?](https://cdn.zeebiz.com/sites/default/files/2024/07/24/306573-rupee-coin-pixabay-take.jpg?im=FitAndFill=(1200,900))
Post Office Monthly Income Scheme offers 7.4 per cent interest annually payable monthly. Photo: Pixabay/Representational