Why Choose the Monthly Income Scheme?
Imagine you’re recently retired and want a source of income that arrives each month without dipping into your savings. Or maybe you’re looking for a way to put a lump sum to work, so it generates a predictable monthly return. The Post Office Monthly Income Scheme (MIS) offers just that—a reliable monthly income without the risks that come with other investments.
Key Features of the Post Office Monthly Income Scheme (MIS)
- Minimum Deposit: Start with ₹1,000, up to a maximum of ₹9 lakh for single accounts and ₹15 lakh for joint accounts.
- Interest Rate: 7.4% per annum (paid monthly).
- Monthly Payouts: Interest payments every month, directly into your Post Office Savings Account.
- Flexibility: Transferable between post offices across the country.
- Early Withdrawal: Close the account prematurely with a small penalty after 1 year.
Who Can Benefit from the Monthly Income Scheme?
The Monthly Income Scheme is ideal for retirees, conservative investors, or anyone looking for predictable cash flow from their savings. By depositing a fixed amount and receiving monthly interest, this scheme helps you maintain financial stability and independence.
How to Open a Post Office Monthly Income Scheme Account
- Prepare Your Documents:
- ID Proof: Aadhaar, PAN card (or Form 60 if PAN isn’t available).
- Photographs: Two passport-sized photos.
- Visit the Post Office:
- Deposit your chosen amount, from ₹1,000 up to the maximum limit.
- Complete your application with the help of the post office staff.
- Receive Monthly Interest:
- Start receiving monthly interest payments directly into your linked Post Office Savings Account.
Make Every Month Count with the MIS!
If you’re ready for a reliable income without compromising your principal, the Monthly Income Scheme could be the answer. Visit your nearest post office today and start turning your savings into a steady monthly income.