If you invest in the monthly savings scheme of the post office, then you will get 7.1 percent interest in the current time. But from April 1, there can be a change in the interest rates of this scheme.
Post Office MIS: If you have not invested in the Monthly Savings Scheme of the Post Office, then this scheme will be beneficial for you. Because now you will be able to invest up to Rs 9 lakh on a single account in the MIS scheme of the post office. Its maximum investment limit was Rs 4.5 lakh. At the same time, you can invest Rs 15 lakh in a joint account. Its maximum investment limit was earlier Rs 9 lakh. The investment limit of this scheme was increased by Finance Minister Nirmala Sitharaman while presenting the budget on 1 February.
If you want to invest monthly income scheme, then you have to deposit only lump sum amount at one time. The most special thing about this scheme is that no installment has to be deposited every month, but in this you will get interest in the form of installment every month from the post office. And this interest will be given on the amount deposited by you. Under this scheme, you will get 7.1 percent interest on your deposit every month.
Let us tell you that you can invest in the MIS scheme of the post office only for 5 years, then its interest will continue to be received every month in the form of installments and after completion of 5 years, your principal amount will be returned. If you want to take this scheme further, then you can take advantage of this scheme again and again after 5-5 years. That is, you can take advantage of this scheme for the whole 15 years.
Understand calculation like this
Single Account: If you deposit Rs 9 lakh on a single account now, then you will get interest at the rate of 7.1 per cent every month. That means you will continue to get Rs 5325 every month for 5 years. Means you will get 63900 rupees in a year. Whereas in 5 years you will get Rs 319500 as interest sitting at home and after completion of 5 years you will get back the deposited money. In this way you will get Rs 1219500 along with the principal amount and interest on maturity.
Joint Account: Even if you now deposit Rs 15 lakh on a joint account, you will get interest at the rate of 7.1 per cent every month. That means you will continue to get Rs 8875 every month for 5 years. Means you will get 106500 rupees in a year. Whereas in 5 years you will get Rs 532500 as interest sitting at home and after completion of 5 years you will get back the deposited money. In this way you will get Rs 2032500 along with the principal amount and interest on maturity.
Please tell that at present, 7.1 percent interest is being received in the monthly savings scheme of the post office. There may be a change in its interest rates from April 1. Because the interest rates in Small Savings Scheme are revised every three months. Here the interest is calculated on the basis of current interest rates.
