Many times you have enough lump sum money, but you do not have the arrangement for regular income. For such people, a scheme of post office can be very helpful. This scheme with No Risk Guaranteed Income can make you earn every month. But if you use a little bit of brain and include your wife in it, then earning ₹ 1,11,000 every year is sure.

Know about this scheme.
We are talking about the Post Office Monthly Income Scheme. This scheme is going to generate income every month. In this scheme, lump sum money is deposited for 5 years, on which interest is earned. The scheme provides the facility of opening both single and joint accounts. In this scheme, with the help of your wife, you can earn Rs 5,55,000 in 5 years sitting at home.

This is how you can earn ₹1,11,000 annually.

In Post Office MIS, you can deposit up to 9 lakhs in a single account and 15 lakhs in a joint account. Currently, this scheme gives an interest rate of 7.4 percent. In such a situation, if you open an account with your wife and deposit 15,00,000 rupees, then you can earn ₹1,11,000 annually and 5,55,000 rupees in 5 years.

Understand with an example how?

Currently, the Post Office Monthly Savings Scheme is giving an interest rate of 7.4 percent. If you deposit 15 lakhs in it with your wife, then you will earn 9,250 rupees every month at the rate of 7.4 percent interest. 9,250 x 12 = Rs 1,11,000 guaranteed income. 1,11,000 x 5 = Rs 5,55,000 Thus, both of you will earn Rs 5,55,000 in 5 years from interest alone.

How much will you earn in a single account?
If you open this account as a single account, you can deposit a maximum of Rs 9 lakh. In this case, you will earn Rs 5,550 every month from interest. Thus, in a year, you can get Rs 5,550 x 12 = Rs 66,600 as interest. 66,600 x 5 = Rs 3,33,000 Thus, through a single account, you can earn a total of Rs 3,33,000 through interest in 5 years.

The deposit amount is returned after 5 years.
The interest received on the deposit made in the account is paid every month in the savings account of the post office. Meanwhile, the deposit amount remains completely safe. After 5 years, you can withdraw your deposited amount. If you want to take advantage of the scheme further, then you can open a new account after maturity.

Who can open an account?

Any citizen of the country can open an account in the Post Office Monthly Income Scheme. An account can also be opened in the name of a child. If the child is less than 10 years old, then his parents or legal guardians can open an account in his name. When the child is 10 years old, he can also get the right to operate the account himself. For an MIS account, you must have a savings account in the post office. It is mandatory to provide an Aadhaar card, and PAN card for ID proof.

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