Want Rs 9,250 monthly income for five years? This post office scheme provides it after one-time investment

Post Office Monthly Income Scheme Account (MIS): A steady monthly income is necessary to help you meet monthly expenses. It ensures that you have at least some substantial amount to meet your important monthly expenses. Such an income can be generated through a guaranteed return scheme, where the interest received n your one-time investment can help you get monthly income. Post Office Monthly Income Scheme Account (MIS) is one such small savings scheme, where your one time investment can help you get a monthly income of up to Rs 5,550 in an individual account and Rs 9,250 in a joint account.

The scheme offers a 7​.4​ per cent per annum interest rate payable monthly.

One can open an MIS account with just Rs 1,000. One can open a single account or a joint account (up to 3 adults). 

Maximum investment limit in a single MIS account is Rs 9 lakh, while  in single account and INR 15 lakh in joint account.

This investment provides a monthly income for five years. Interest is payable on the completion of a month from the date of opening and so on till maturity.

The account can be prematurely closed by submitting prescribed application form with pass book at concerned Post Office. ​

The scheme also provides tax benefits of up to Rs 1.50 lakh in a financial year on deposits under Section 80C of the Income Tax Act. However, for that benefit, one needs to hold deposits for five years.

How to get Rs 5,550 monthly income

If you invest Rs 9 lakh in a MIS, they will get a monthly income of Rs 5,550 for five years in a row.

On the other, if one deposits a one-time Rs 15 lakh in a joint account, they will get a monthly income of Rs 9,250 for five years.