As a result of government support, Post Office systems are regarded as among the most reliable. The Post Office also provides lump sum investment plans that allow one to make a single, large investment. It provides many schemes, including the Post Office Monthly Income Scheme Account (MIS).
The program enables one to invest a lump sum amount and get interest payments every month. The interest rate has been set at 7.1 percent for the period of January to March 2023. However, the government routinely determines the interest rate. For Post Office MIS, a 5-year lock-in period is required. After the investment has matured, you can either withdraw it or reinvest it.
Nirmala Sitharaman, the finance minister, said in her Budget Speech 2023 that the maximum investment limit under this scheme would rise from Rs 4.5 lakh to Rs 9 lakh for a single account and to Rs 15 lakh for a joint account. The Post Office’s official website, however, still displays the earlier investment caps.
After investing Rs 15 lakh in a joint account, one can receive over Rs 9,000 (Rs 8,875) in monthly income in the form of interest once the investment ceiling is increased. Each joint holder will receive an equal part of the investment under this scheme. From the opening date until maturity, interest will be paid at the end of each month.
A deposit of Rs 9 lakh in the scheme will yield an interest income of Rs 5, 325 per month for a single account, while a deposit of Rs 15 lakh in a joint account will yield an income of Rs 8, 875 per month.
According to this plan, any adult may open an account. Anyone under the age of 10 may register an account in their own name. Your investment is safe and not susceptible to market risks because it is a fixed-income scheme.