Post Office MIS: Learn how to make Rs 1,11,000 a year from this Post Office plan

Post Office MIS: Learn how to make Rs 1,11,000 a year from this Post Office plan

Post Office Monthly Income Scheme: If you would want to set up a consistent monthly income for yourself, the Post Office Monthly Income Scheme may be of great assistance to you. You may earn Rs 9,250 per month and Rs 1,11,000 yearly by working from home with this arrangement. Understand the unique aspects of the plan.

Post Office MIS deposit cap

Within this government insured deposit program, 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 money is kept absolutely secure.

What level of interest is there in POMIS?

The Post Office MIS accepts deposits of money for a maximum of five years. The current interest rate is 7.4%. This plan allows for the earning of up to Rs 9,250 via a joint account. It is widely believed that this plan is excellent for retirees. Husband and wife may set up a monthly income for themselves if they invest together.

How can I make Rs. 1,11,000 a year?

If you deposit Rs 15 lakh in a joint account, you would get a guaranteed income of Rs 1,11,000 every year at 7.4 percent interest. Additionally, you will earn Rs 5,55,000 in interest over the course of five years (Rs 1,11,000 x 5). Divide the Rs 1,11,000 yearly interest income into 12 equal halves, and you will have Rs 9,250. This implies that you will earn Rs 9,250 each month.

How much does a single account earn?

The Post Office Monthly Income Scheme allows you to register a single account and deposit up to Rs 9 lakh. After a year, you will earn interest of Rs 66,600, and after five years, you would get interest of Rs 66,600 x 5 = Rs 3,33,000. can make. By doing this, you can only make Rs 5,550 (Rs 66,600 x 12) from interest each month.

Who is eligible to create an account?

Any national may register for the Post Office Monthly Income Scheme and create an account. It is also possible to create an account in the child's name. The child's parents or legal guardian may establish the account in his name if he is less than ten years old. The youngster may be eligible to take control of the account on his own when he becomes ten years old.