Post Office Scheme: Want to get Rs 2,500 per month? Here's how much you need to invest

New Delhi: The Post Office is one of the most popular solutions for the salaried middle class in India looking for risk-free investments with high returns. The government recently published the rates for small savings programmes, including one of the most popular, the Post Office National Monthly Income Account, or MIS. While the government has maintained the rate at 6.6 percent, it is higher than several bank fixed deposit rates.

Given its high rate of return, the post office national savings monthly income account, or post office MIS, is one of the greatest possibilities for investors to consider. The Post Office Monthly Income Scheme assures investors fixed returns at the rate at which their money was initially invested. This means that investors do not need to be concerned about fluctuating interest rates, even if they are reduced at a later time.

Interested investors who want to register a MIS account should be aware that the minimum amount required to open an account is Rs 1,000. Following that, deposits must be made in multiples of Rs 1,000, according to Post Office norms. This rule went into effect on April 1, 2020. The maximum investment limit for a single account is Rs 4.5 lakh and Rs 9 lakh for joint accounts. Individuals can invest up to INR 4.5 lakh in MIS (including his share in joint accounts). Each joint holder has an equal part in each joint account for calculating an individual's share in a joint account.

A guardian can open a Post Office MIS account on behalf of a minor, but a minor over the age of 10 can open an account in his or her own name. Parents can use the interest they earn each month to pay their children's school fees or to invest in other aspects of their children's well-being.

If you open a single account and deposit Rs 2 lakh, you will receive Rs 1,100 per month at the current annual interest rate. In contrast, if you deposit Rs 3.50 lakh in the child's name, you will receive Rs 1,925 in interest. If you invest the maximum amount of Rs 4.5 lakh, you will receive Rs 2,475 in interest per month. However, it should be emphasised that interest is taxable in the hands of the depositor. The Post Office MIS account can be terminated after five years from the date of opening by submitting the prescribed application form along with the pass book to the respective Post Office.