If you are looking for a smart way to save and grow your money, you might want to consider investing in a monthly investment scheme (MIS). A MIS is a type of fixed deposit that pays you interest every month. You can choose the amount and tenure of your deposit and enjoy a regular income without any risk.
But how do you choose the best MIS in India? There are many factors to consider, such as the interest rate, the minimum deposit amount, the tax benefits, the liquidity, and the customer service. In this blog post, we will compare some of the popular MIS options in India and highlight their features and benefits.
The Best Monthly Investment Scheme (MIS) in India
- Post Office Monthly Income Scheme (POMIS)
POMIS is a government-backed scheme that offers a guaranteed interest rate of 6.6% per annum, payable monthly. You can invest up to Rs. 4.5 lakh individually or Rs. 9 lakh jointly with another person. The tenure of the deposit is 5 years, and you can withdraw your principal amount after one year with a penalty of 2%. POMIS is also eligible for tax deduction under Section 80C of the Income Tax Act.
The benefits of POMIS are:
- It is safe and secure, as it is backed by the government.
- It offers a high and fixed interest rate, which is not affected by market fluctuations.
- It provides a regular monthly income, which can help you meet your expenses or reinvest in other schemes.
- It has a low minimum deposit amount of Rs. 1000, which makes it affordable for everyone.
- SBI MODS (Monthly Income Plan)
SBI MODS is a scheme offered by State Bank of India, which allows you to create a fixed deposit with a flexible tenure and earn interest every month. You can invest any amount above Rs. 10,000 and choose a tenure between 1 year and 5 years. The interest rate varies depending on the tenure and the amount of deposit, but it is generally higher than the regular fixed deposit rates. SBI MODS also offers tax benefits under Section 80C of the Income Tax Act.
The benefits of SBI MODS are:
- It is flexible and convenient, as you can choose the amount and tenure of your deposit according to your needs.
- It offers a competitive interest rate, which is higher than the regular fixed deposit rates.
- It provides a regular monthly income, which can help you achieve your financial goals or save for emergencies.
- It has a low minimum deposit amount of Rs. 10,000, which makes it accessible for everyone.
- HDFC Monthly Income Plan (MIP)
HDFC MIP is a scheme offered by HDFC Bank, which allows you to invest in a combination of debt and equity instruments and earn interest every month. You can invest any amount above Rs. 5000 and choose a tenure between 6 months and 10 years. The interest rate depends on the performance of the underlying portfolio, but it is generally higher than the bank savings account rates. HDFC MIP also offers tax benefits under Section 80C of the Income Tax Act.
The benefits of HDFC MIP are:
- It is diversified and balanced, as it invests in both debt and equity instruments to optimize returns and minimize risk.
- It offers a variable interest rate, which can be higher than the bank savings account rates depending on the market conditions.
- It provides a regular monthly income, which can help you supplement your income or create wealth over time.
- It has a low minimum deposit amount of Rs. 5000, which makes it suitable for everyone.
Conclusion
A monthly investment scheme (MIS) is a great way to save and grow your money while earning a regular income every month. You can choose from various options available in India, such as POMIS, SBI MODS, or HDFC MIP, depending on your preferences and goals. Each scheme has its own features and benefits, so you should compare them carefully before investing.
We hope this blog post has helped you understand the features and benefits of the best monthly investment scheme (MIS) in India. If you have any questions or feedback, please feel free to leave a comment below. Happy investing!
