Post Office Monthly Income Scheme (MIS): Rs 15 lakh investment and guaranteed monthly income of Rs 9250; know calculations

Post Office Monthly Income Scheme (MIS): As an investor, nothing can be more enjoyable than having an investment option that can give you a guaranteed return. A regular income gives you assurance that your regular monthly expenses are met and helps you achieve financial freedom to a great extent. For investors seeking guaranteed returns and a regular monthly income, Post Office Monthly Scheme (MIS) can be a good option. Since the Post Office scheme is not market-linked, one can also withdraw their money after the scheme matures in five years.

One can invest a one-time Rs 9 lakh in an individual and Rs 15 lakh in a joint account in the scheme for a maturity period of five years.

With that investment, one can get Rs 9250 in a joint account and Rs 5550 in an individual account.

In the write-up, we know how it is possible through calculations.

But before we move on to that part, let's know about the basics of the scheme.

Post Office Monthly Income Scheme (MIS): Types of accounts

One can have a single adult or a joint account (up to 3 adults) under the Post Office MIS. A guardian can also open an account for a minor age 10 years and older. 

Post Office Monthly Income Scheme (MIS): Minimum and maximum investment

An MIS account can be opened with a minimum amount of Rs 1000 and in multiples of Rs 1000.

The maximum investment in the MIS scheme is Rs 9 lakh in a single account and Rs 15 lakh in a joint account.

Post Office Monthly Income Scheme (MIS): Interest Rate

Post Office MIS provides an interest rate of 7.4 per cent per annum payable monthly.

The interest is payable on the completion of a month from the date of opening and so on till maturity.

The interest earned by a depositor is taxable.

Post Office Monthly Income Scheme (MIS): Maturity

The maturity period of the scheme is five years from the date of opening the MIS account.

The account can be closed before the five-year duration, but one has to pay a percentage of the principal for doing that.

Post Office Monthly Income Scheme (MIS): How to get Rs 9250 monthly income?

If you want to get a Rs 9250 monthly income in the MIS scheme, then you have to opt for a joint account and utilise the full deposit limit of Rs 15 lakh.

If you invest Rs 15 lakh in the scheme, at a 7.4 per cent interest rate, you will get a monthly income of Rs 9250 for five years.

However, if one has an individual account and invests Rs 9 lakh in MIS, they will get a monthly income of Rs 5550.Once the scheme matures, you can get you principal back.