CNN Central News & Network-ITDC India Epress/ITDC News Bhopal: If you want a regular monthly income along with a safe investment, the Post Office National Savings Monthly Income Account (MIS) scheme can be an option. Under this scheme, a lump sum amount is deposited and income is received every month in the form of interest. According to India Post’s official rules, interest in an MIS account is paid every month and the tenure of the scheme is five years.
How can ₹9,250 be received every month? This amount depends on the investment and the applicable interest rate. For example, if the interest rate during a period is 7.4% per annum and the maximum limit of ₹15 lakh applies to a joint account, the annual interest on ₹15 lakh comes to ₹1,11,000 and the monthly interest is about ₹9,250. However, interest rates can be changed by the government from time to time, so the current quarterly rate should be checked before investing.
In MIS, interest is received every month, but the deposited principal is returned after completion of the five-year period. Under the rules, the account can be closed prematurely after one year, subject to the prescribed deduction.
Before investing in this scheme, it is important to consider your needs, tax position and the current interest rate. The monthly income of ₹9,250 is not a separate bonus, but a calculation of the interest earned on the deposited amount.
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