Monthly income plan apart from zero risk guarantees fixed income with better returns to the investors. It is a good option for such investors who want to get a fixed income every month from interest.
Whenever it comes to investment, we all think to invest money in a place that is safe and gives better returns. In such a situation, two names often come to mind, SBI and the post office scheme. SBI has been mentioned because being the largest public sector bank in the country, most of the people rely on SBI. SBI runs a variety of FD schemes, which give good returns.
SBI Annual Deposit Scheme
SBI Annuity Deposit Scheme is a monthly income scheme, in which customers can make a lump sum payment. At the end of the year, both the interest and the principal amount get a good amount. The maturity period of the deposit can be 36, 60, 84 or 120 months. Anyone can buy this deposit scheme. Minors are also eligible. They can open an account in SBI Annuity Deposit Scheme individually or jointly. According to the rate fixed on June 14, 2022, the bank is currently promising 5.45 percent to 5.50 percent interest on this. For senior citizens, it ranges from 5.95 to 6.30 percent.
Post Office Monthly Income Scheme (MIS)
Post Office Monthly Income Scheme is also a good option. One MIS account can be opened alone or by a maximum of three persons. The minimum deposit amount required to open the account should be Rs 1000 or in multiples of Rs 1,000. The maximum investment limit is Rs 4.5 lakh for a single amount and Rs 9 lakh for a joint account. The taxable annual interest rate of India Post MIS or Post Office MIS scheme is 6.6 per cent. The customer will get interest every month starting from the day of account opening till the maturity period of 5 years..
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