Post Office Monthly Income Scheme: An ideal investment scheme for old age

Post Office Monthly Income Scheme is an excellent option if you’re looking for low risks and reliable returns. It is especially an ideal scheme for senior citizens as it ensures financial stability in old age. It offers a secure avenue for investors to grow their savings. Investing in this scheme would provide you with peace of mind and financial security in your old age.

Deposits

You can start investing in the Post Office Monthly Income Scheme (MIS) with a small initial deposit of Rs 1000. The scheme allows you to invest up to Rs 9 lakh. Furthermore, it also allows you to select from a range of options to suit your financial goals. 

Flexibility

The accounts for Post Office Monthly Scheme can be opened as an individual investor or as joint investors. In a joint account, the maximum investment is Rs 15 lakh, providing better financial benefits. 

Interest rate

Post Office Monthly Scheme offers a monthly interest rate of 7.4 percent on the deposits. The benefits of this scheme can be enjoyed similar to receiving a monthly pension. It provides a reliable source of income for investors. 

Penalty

If you choose to close your account between one to three years, a penalty deduction of 2 percent will be applied to your deposits. If you choose to close your account after three years but before five years, a deduction of 1 percent will be made to the investment amount. The remaining balance will be provided to you. 

Closing the account

You can comfortably close the MIS account after five years without paying any penalty amounts. In the unfortunate event of the investor’s demise, the account will be closed and the nominee will be provided the total amount.

Also read: Post Office Senior Citizen Saving Scheme: Benefits, interest rate, tax exemptions

Secure your daughter's future with these government schemes

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