For investors looking for high security and returns, investments in Post Office schemes seem to be a great option. One such monthly income scheme (MIS) that the Post Office has rolled out, provides a regular pension after investing a lump sum in the plan along with maturity benefits.
So what is Post Office MIS scheme?
In the Post Office Monthly Income Scheme (MIS) Account, investors can put their money in multiples of 1000 or 100. The maximum investment allowed in this scheme is Rs 4.5 lakh and the minimum is Rs 1000. Under this scheme, as many 3 investors can open a joint account. This is because in this scheme, the maximum amount that can be invested in a joint account is Rs 9 lakh. Currently, the interest rate offered by the Post Office MIS scheme is 6.6 per cent. However, the Post office is offering simple interest and not compound interest in this scheme.
Then how can one get Rs 3,300 by investing just Rs 50,000?
As per the MIS calculation, investors can earn Rs 3,300 yearly pension by investing Rs 50,000 once. People investing will get a total of Rs 16,500 as interest in five years. For example, if a person deposits Rs 1 lakh, then he/she will get Rs 550 every month or Rs 6,600 every year or Rs 33,000 in five years. In the same way, on depositing Rs 4.5 lakh, investors will get Rs 2,475 monthly, Rs 29,700 annually or Rs 1,48,500 in interest.