Rs 9250 Monthly Interest! Earn Risk-Free Guaranteed Income In This Govt Scheme

Post Office MIS Interest Rate 2023, Post Office MIS Calculator: Equity investments have delivered multibagger returns to investors after the consistent rally in stocks, thanks to Indian economy being a bright spot in the gloomy global scenario resulting in renewed interest of foreign institutional investors (FIIs) and domestic trader who have been pouring in huge money in the equity market. However, there are risk-averse investors as well who prefer to park their funds in a safe government-backed investment scheme for assured high returns without any risk to the principal amount at the time of maturity.

Who wouldn't appreciate an additional income stream to complement their main earnings derived from a regular salary or business income? Generating passive income from a one-time lump sum not only helps cover monthly expenses but also addresses financial needs without requiring access to your primary salary income when you prefer not to touch it.

Post Office Monthly Income Scheme, backed by the government of India is one such scheme where you can invest one time and reap its benefits for years to come in the form of monthly income to support your primary income.

The government has fixed interest rate on Post Office Monthly Income Scheme (MIS) from 1st October 2023 and ending on 31st December 2023 as 7.4 per cent annually which is payable monthly.

Amount Invested (Joint Account): Rs 15,00,000

Annual Interest Rate: 7.4%

Time Period: 5 years

Monthly Interest Earned: Rs 9,250

Total Interest Earned: Rs 5,55,000

As the name suggests, it is a monthly income five year risk free scheme backed by the government where you invest a certain amount in this post office scheme and get interest payments on that amount every month till maturity. The interest rate is revised by the government every quarter.

The maximum limit is Rs 9 lakh in case of single account and Rs 15 lakh in joint account. The account can be opened with minimum of Rs. 1000 and in multiple of Rs. 1000.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money related decisions.)