Post offices offer various small savings schemes, including the National Monthly Savings Scheme (MIS).
This scheme allows you to earn monthly interest on your investment. You can start with just Rs 1,000, with a maximum deposit limit of Rs 9 lakh for a single account and Rs 15 lakh for a joint account.
Interest Rate
You can close your account after just one year, but a 2% deduction applies in such cases. Anyone can open an MIS account.
Currently, the scheme offers a 7.4% annual interest rate on your monthly savings.
Interest begins accruing after the first month from the account opening date, providing a steady monthly income.
The lock-in period is 5 years, extendable for additional 5-year terms.
