The lock-in period for this Post Office scheme is 5 years. You can withdraw the invested amount after maturity or reinvest it.
Post Office Monthly Income: Post Office schemes are considered as one of the trusted schemes as they are backed by the government. The Post Office also offers lump sum investment schemes wherein one can invest a certain amount in one go. One such scheme offered by it is Post Office Monthly Income Scheme Account (MIS).
Under the scheme, one can invest a lump sum amount and get a monthly income in form of interest. The interest rate for January-March 2023 has been fixed at 7.1 percent. However, the government sets the interest rate on a regular basis. The lock-in period for Post Office MIS is 5 years. You can withdraw the invested amount after maturity or reinvest it.
The maximum investment limit in this scheme will be increased from Rs 4.5 lakh to Rs 9 lakh for a single account and to Rs 15 lakh for a joint account, Finance Minister Nirmala Sitharaman announced in her Budget Speech 2023. However, the official website of the Post Office currently shows the previous investment limits.
Once the investment limit is increased, one can earn nearly Rs 9,000 (Rs 8,875) monthly income in form of interest after investing Rs 15 lakh in a joint account. Under this, all the joint holders shall have equal share in the investment. Interest will be paid on completion of a month from the date of opening and so on till maturity.
For a single account, a deposit of Rs 9 lakh in the scheme will give a monthly interest income of Rs 5,325, while a deposit of Rs 15 lakh in a joint account will give a monthly income of Rs 8,875.
Any adult can open an account under this scheme. A minor aged above 10 years can also open an account in his/her name. As a fixed-income scheme, the money you invested is not subject to market risks and is quite safe.
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