POMIS: The Post Office Monthly Income Scheme might be very beneficial to you if you wish to set up a consistent monthly income for yourself. You can earn Rs 9,250 per month and Rs 1,11,000 annually by working from home with this arrangement. Understand the unique aspects of the plan.
Single and Joint Accounts in Post Office MIS
Within this government guaranteed deposit programme, there is the option for both single and joint accounts. It is possible to deposit up to Rs 9 lakh in a single account and up to Rs 15 lakh in a joint account. You get interest every month and your deposit amount is kept absolutely safe.
Deposited funds are kept in the Post Office MIS for a maximum of five years. Interest is now paid at a rate of 7.4%. This scheme allows for the earning of up to Rs 9,250 via a joint account. For those who are retired, this plan is regarded as excellent. Husband and wife can set up a monthly income for themselves if they invest jointly.
Earning Potential with Rs. 15 Lakh Deposit
If you put Rs. 15 lakh into a joint account, you will earn 7.4 percent interest and be assured an income of Rs. 1,11,000 per year for the next five years, or Rs. 5,55,000 in interest. Divide the Rs 1,11,000 yearly interest income into 12 equal portions, and you will have Rs 9,250. This implies that you will earn Rs 9,250 each month.
With the Post Office Monthly Income Scheme, if you create a single account and deposit Rs 9 lakh, you will receive Rs 66,600 in interest in a year and Rs 66,600 x 5 = Rs 3,33,000 in income only in five years. can make. By doing this, you can only make Rs 5,550 (Rs 66,600 x 12) from interest each month.
