new Delhi. Now-a-days monthly salary is not enough to cover all the expenses of the household. In such a situation, saving and investing is a better option. Through this, you can increase your income. The Monthly Income Scheme (MIS) of Post Office is very beneficial for doubling your earnings. From this, you can get up to 4950 rupees every month. At the same time, you can earn annual returns of 59,400 rupees or more.
Under this scheme, there is a facility to open an account in a joint account, so a maximum of Rs 9 lakh can be deposited in it. You can also open a personal account if you want. In this, you will get the facility to invest a minimum of Rs 1,000 and a maximum of Rs 4.5 lakh. It gives an annual return of 6.6 percent interest rate. It can also change according to the financial year.
Advantages of MIS
Two or three people can open a joint account in MIS. The good thing is that in this, the income received in the return is divided in equal parts to each member. You can always convert a joint account to a single account or change from a single to a joint account. Whenever you want to change something in it, all the account members have to give a joint application. This plan is for 5 years. If you want, you can pursue it again after five years.
Learn how income will increase
In this scheme, the return is calculated according to the annual interest on the total deposits. For example, if you have invested 9 lakh rupees in the MIS scheme, then the annual return on it will be Rs 59,400 with a 6.6% interest rate. If you want monthly money, then divide it into 12 parts. In this case, you will get 4950 rupees every month. While your principal will be completely safe.
.