Investing in Post Office Small Savings Schemes is a great option for risk-free investors.
You can also get a fixed monthly income by investing once in Post Office Monthly Income Scheme (POMIS).
The maturity of the MIS scheme of the post office is 5 years. But you can extend it further for 5-5 years.
After maturity of 5 years, there will be an option to withdraw the principal amount or carry forward the scheme.
The post office's IMIS scheme has a maximum deposit limit of Rs 9 lakh in a single account and Rs 15 lakh in a joint account.
At present, the Post Office Monthly Income Scheme (POMIS) is getting 7.4 percent annual interest.
If you have deposited Rs 5 lakh in this scheme, then you get an annual interest of Rs 36,996 at the rate of 7.4 percent.
If you divide 36,996 in 12 months, you will get Rs 3083 as interest every month, which is a good amount.
Under this scheme, the interest received on Fixed Deposit is paid every month in your savings account.
On premature closure of POMIS, you are refunded after deducting some percent of the amount.