An earning individual (salaried or businessman) always looks for fixed regular income other than the traditional source of income. Post Office Monthly Income Scheme (MIS) is one such scheme. As per the Post Office MIS scheme details, if an earning individual
has opened joint account with spouse, then the monthly income under Post Office scheme gets doubled as well.
According to tax and investment experts, Post Office Monthly Income Scheme is suitable for those investors who are seeking fixed monthly income but are unwilling to take any risks in their investments. Thereby, it is more favourable for retired individuals or senior citizens who have landed into the no-more-paycheck zone. But, it doesn’t mean the Post Office MIS scheme is restricted to senior citizens or retired people only.
Speaking on the Post Office MIS Scheme; SEBI registered tax adn investment expert Jitendra Solanki said, “Post Office Monthly Income Scheme (MIS) is suitable for the investors seeking a one-time investment to serve the purpose of getting regular income to maintain their lifestyle. In Post Office MIS Scheme, an investor can invest up to Rs 4.5 lakh but in the case of joint account with spouse, the maximum investment limit becomes doubled to Rs 9 lakh.”
Post office MIS Scheme calculator
Discussing the expected return under Post Office MIS Scheme Manikaran Singhal said, “Post Office MIS Scheme interest rate currently at 6.6 per cent means one can get Rs 29,700 annual interest if he or she invests Rs 4.5 lakh in Post Office MIS Scheme. However, in the case of joint account, the net investment can be doubled up to Rs 9 lakh and in such a case the annual returns would jump to Rs 59,400. If we divide this net amount by 12 months, then one would get a monthly income of Rs 4,950.”