The current interest rate for the Post Office Monthly Income Scheme (MIS) is 7.4% per annum (p.a.).
This means that for every investment you make in the MIS, you will earn 7.4% of that amount in interest each year. The interest is paid out monthly, making it a popular choice for individuals seeking a steady income stream.
Key Features of the Post Office MIS:
- Interest Rate: Currently 7.4% p.a., subject to change by the government.
- Minimum Investment: INR 1,000
- Maximum Investment:
- Single Account: INR 9 Lakhs
- Joint Account: INR 15 Lakhs
- Tenure: 5 years
- Monthly Payout: Interest is paid out monthly directly to your savings account.
- Premature Withdrawal: Allowed after one year with a penalty.
Example:
If you invest INR 100,000 in the Post Office MIS, you would earn INR 7,400 in interest per year, which translates to INR 616.67 per month (approximately).
Important Considerations:
- The interest rate is subject to change based on government regulations and market conditions. Always check the latest rate before investing.
- While MIS offers a fixed income, it's crucial to consider inflation when evaluating its real return.
In summary, the Post Office Monthly Income Scheme provides a reliable fixed income at a rate of 7.4% per annum, making it a suitable option for risk-averse investors seeking regular returns.
