Post Office Schemes are time-tested and are in a way safe investment schemes. Post Office offers many beneficial schemes to keep your money safe and give more benefit than any other sources.
One of such schemes offered by the Post Office is the Monthly Income Plan (MIPs) that offers a great return in a given period of time. Investors get to make a certain amount every month with this scheme.
Monthly Income Plan
Post Office offers a Monthly Income Plan (MIPs) in which the investors get a fair amount of returns every month. The most significant feature of the Monthly Income plan is that its interest is added every year.
In this, if anyone opened a joint account under the given scheme and deposited up to Rs 9 lakh in it, then they can earn Rs 4,950 every month, as the annual interest on the principal is Rs 59,400 at an interest rate of 6.6%.
The monthly amount of your interest stands at Rs 4,950, which can be withdrawn every month. This way, you will earn interest monthly on your investment without it impacting the principal amount. You will get the principal at the time the scheme matures.
For the unversed, The maturity period of the scheme is 5 years. So, you will continue to get a monthly interest of Rs 4,950. It is possible to increase the maturity period under the scheme. In case one opens a single account, they can deposit as much as 4.5 lakh rupees, while if they want to open a joint account, they can deposit up to 9 lakh rupees in it.
