It is always advisable to have a steady alternate source of income apart from your regular job. It provides a sense of security. No, we are not talking about any second part-time job here but a well-planned investment option which guarantees you security along with a fixed income. The Monthly Pension Scheme (MIS) of the Post Office is what you are looking for here.
After an announcement made by Union Finance Minister Nirmala Sitharaman in this year’s budget, the pension/income received has also increased and so has the investment on it. In the Monthly Pension Scheme (MIS), one can invest up to Rs 9 lakh. Earlier this amount was only Rs 4.5 lakh. If you invest in a single account, you will get a monthly pension of Rs 5,325. If you invest in a joint account, you can invest Rs 15 lakh and your monthly income will be Rs 8,875. Both account holders will get an equal share in this. It is an ideal investment scheme to start with your significant other. After 5 years of investment, you will start getting high returns on investment.
Any adult Indian citizen can invest. The government is currently paying 7.1 percent interest on this. The most important thing is that the money invested in this scheme is not subject to market risks. Therefore, your money will be completely safe and you will get a fixed income for sure. When the deposit, worth Rs. 9 lakh, reaches maturity, you may either withdraw it from any post office or have it electronically transferred to your savings account. An alternative is to renew the account.
Instead of at the start of every month, you will get your payout one month after making your initial deposit. If the investor passes away during the account’s term, they can name a beneficiary (a family member) who will be eligible to receive the benefits and corpus.
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