Post Office Scheme: Joint Account With Wife Can Help You Earn Over 5 Lakhs Sitting At Home, Calculate Now

If you're looking for a safe investment option in 2024 that offers regular income, the Post Office Monthly Income Scheme (MIS) could be a perfect choice. This scheme ensures the security of your deposited money while providing you with a steady monthly income . One of the best aspects of this scheme is the safety it guarantees, as your investment remains secure while earning interest every month.

Opening an MIS Account : Single vs. Joint

You can open a Post Office MIS account either individually or jointly. When you open the account jointly with your spouse, sibling, or any other family member, the deposit limit increases, allowing you to earn even more. By taking advantage of this scheme, you could potentially earn over ₹5.5 lakh in interest alone. Let’s break down how this works.

Monthly Interest Earnings

The Post Office Monthly Income Scheme is designed to generate monthly income from a lump-sum deposit. The interest earned is credited every month to your post office savings account. After 5 years, you can withdraw the entire deposited amount, or if you prefer, you can reinvest by opening a new account.

Deposit Limits and Earnings Potential

In this scheme, you have the option to open either a single or joint account . A single account allows a maximum deposit of ₹9 lakh, whereas a joint account allows up to ₹15 lakh. Naturally, the higher the deposit, the greater the earnings. For instance, if you open a joint account with your spouse, you could earn over ₹5.5 lakh in interest over 5 years.

Earning ₹5.55 Lakh: The Calculation

Currently, the Post Office MIS offers an interest rate of 7.4%. If you deposit ₹15 lakh in a joint account with your spouse, you would earn ₹9,250 every month at the 7.4% interest rate. Over a year, this totals ₹1,11,000. Over the course of 5 years, your earnings would amount to ₹5,55,000 in interest alone.

On the other hand, if you open a single account with a maximum deposit of ₹9 lakh, you would earn ₹5,550 per month in interest. This equates to ₹66,600 annually and ₹3,33,000 over 5 years.

Eligibility for Opening an MIS Account

Any Indian citizen can open a Post Office MIS account. Accounts can also be opened in the name of a child. If the child is under 10 years old, a parent or legal guardian can open and manage the account on their behalf. Once the child turns 10, they can operate the account themselves. To open an MIS account, you must have a post office savings account and provide identification proof, such as an Aadhaar card and PAN card.