Highlights
The 5.5% interest rate is being offered to 1 year to 3 years time deposit (TD) of the post office and if you invest in it, then your money will double in about 13 years.
The 5.8 percent interest on the Post Office Recurring Deposit (RD) is being offered, if the money is invested and it will double in about 12 years.
The 6.6 percent interest is given on the Post Office Monthly Income Scheme (MIS) if the money is invested and it will double in about 10 years.
Post Office Saving Schemes can offer guaranteed returns which means that you can remain confident of the fact that you are not going to lose any hard-earned money.
Highlights
Maximum investment limit is Rs 4.5 lakh in single a/c.
Rs 9 lakh in joint account.
Post Office Small savings schemes are ideal for those people with low risk appetite, as they offer guaranteed return. Among several Post Office Small savings schemes, one such scheme that offers great returns is the Monthly Income Scheme.
An account can be opened in multiples of Rs 1000. The maximum investment limit is Rs 4.5 lakh in single account and Rs 9 lakh in joint account. An individual can invest maximum Rs 4.5 lakh in MIS (including his share in joint accounts). For calculation of share of an individual in joint account, each joint holder have equal share in each joint account.
Post Office Monthly Income Scheme Alert: Know how you can earn regular income every month
The Post Office Monthly Income Scheme (MIS) is a low-risk investment scheme offering steady income.
DNA Web Team
Mar 15, 2021, 05:09 PM IST
The Post Office Monthly Income Scheme (MIS) is a low-risk investment scheme offering steady income. The MIS scheme pays interest each month and is suited for those who seek regular or supplementary income from their investments. Your money is safe until maturity as this is a government-backed scheme. Know all about Post Office Monthly Income Scheme (MIS) here.
1. Maximum investment limit
1/5
An account can be opened in multiples of Rs 1000. The maximum investment limit is Rs 4.5 lakh in single account and Rs 9 lakh in joint account and the investment period is 5 years.
To open an account under this scheme, it is necessary to have a savings account in the post office. For this, you will have to provide ID proof. For this, you will have to provide an Aadhaar Card, Voter ID, DL or Passport, etc. Along with this, you will also need 2 passport size photos.
The Budget that was: From the lens of a senior citizen March 3, 2021, 6:11 PM IST
Introduction
India is a young nation with a rapidly ageing population. The Indian Census 2011 observes that seniors will constitute almost 12.5% of the total population in the country by 2026 and surpass 19.5% by 2050. Senior interests have often taken a back seat, but unlike past years, there is an increase in the government focus on the changing needs of seniors. The recent Draft Policy for Senior Citizens introduced earlier in 2020, launch of ‘Decade of Healthy Ageing’ initiative by Dr Harsh Vardhan aligning to the UN directive, and the recent Longitudinal Ageing Study in India are all testament to increased government action on prioritizing seniors and their needs.