Investors can open a joint account in this scheme of India Post; the maximum number of members allowed are three
India Post is one of the most trusted instruments when it comes to investments in India. Citizens across all categories believe in it because it is backed by the government and comes with a guarantee of safe returns with benefits. India Post offers an array of investment options for all ages to secure their future. One such offer is the Monthly Income Scheme (MIS) which provides a regular monthly pension after an investment of a solid amount.
If one wants to invest in this scheme they need to invest a minimum of Rs 1000 and can only invest in the multiples of Rs 1000 or Rs 100. Investors can open a joint account as well but the limit is only three members per account and the maximum investment in a joint account can be up to Rs 9 lakhs.
The only drawback to this sort of investment is that the rate of interest is 6.6 per cent and instead of compound interest, it only functions on simple interest.
By investing a sum of Rs 50,000 you can get a pension of Rs 3300 every month. The investors can receive a total interest of Rs 16,500 over a span of five years in MIS.
By investing Rs 1 lakh in the scheme, the investor will get a pension of Rs 550 per month and by investing Rs 4.5 lakhs in MIS, one can receive a monthly pension of Rs 2475 monthly or Rs 29700 annually.
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