List of 7 Best Monthly Income Schemes (MIS) in India for 2022
Investment schemes involve different options allowing people to increase their income to a large extent. However, one should evaluate them with more attention before investing money. Anyone who wants to get a guaranteed income must select plans that have zero or low risks. This, in turn, gives ways to avoid losses and other problems significantly to ensure peace of mind. Not only that, selecting the best schemes allow a person to focus on his/her financial goals that will help overcome unwanted problems. Moreover, they provide methods to get financial stability in life by addressing the exact needs.
Those willing to improve their financial conditions after their retirement can benefit a lot from monthly income schemes. Furthermore, they can enhance cash flow effectively, which gives ways to gain more advantages. Different types of investment plans in India are available for boys, girls, and senior citizens. However, they need proper research from different sources that will help make the right decision. Apart from that, the schemes should satisfy the needs of investors when it comes to returns and other things.
7 Best Monthly Income Schemes in India for 2022
Explore the best monthly income schemes in India to invest money to get a monthly income as mentioned below:-
- Fixed Deposit (FD)
- Post Office Monthly Income Scheme (POMIS)
- Government Bonds
- Corporate Deposits
- SWP from Mutual Funds
- LIC Monthly Income Plans
- Senior Citizen Savings Scheme (SCSS)
1. Fixed Deposit (FD)
A fixed deposit is one of the low-risk income plans available for Indian citizens to help generate high returns. In this scheme, one can invest a certain amount of money for certain periods to earn more interest. At the same time, the rate of interest will depend on various factors, and investors should know them in detail. Most banks offer 8-9% interest rates on fixed deposits, thereby showing high-income methods. The minimum deposit amount may vary from one bank to another bank in India. A nomination facility is available for the depositors that will benefit their families when they are not alive.
2. Post Office Monthly Income Scheme (POMIS)
The post office monthly income scheme is a scheme offered by postal offices in India. It is an excellent option for those who are looking for zero-risk investment plans. Currently, the plan offers a nearly 6.6 % interest rate for depositors, and people can invest a maximum of 15 lakhs and a minimum of Rs 1500. However, the post office MIS interest rate may change every financial year, and depositors should know it properly before investing. Moreover, the plan has a lock-in period of 5 years, and one cannot withdraw the amount immediately. Customers can even nominate another individual to receive the benefits in case of an unfortunate death.
It is possible to transfer the account from one post office to another post office. At the same time, depositors can use the post office monthly income scheme calculator online when they want to open an account. Apart from that, customers can open a joint account that suits their requirements. Depositors cannot make a premature withdrawal one year from the date of the initial deposit.
3. Government Bonds
A government bond is mainly issued by the Government of India, which ranges from 5 to 40 years. It pays out regular interest rates to investors, thereby showing methods to generate a fixed income. Some of the government bonds include treasury bills, cash management bills, floating-rate bonds, fixed bonds, zero-coupon bonds, etc. Customers can buy and sell government bonds like equity instruments.
They offer a stable interest rate for investors, thereby showing ways to generate a consistent income monthly. However, it is wise to study the market risks before investing money in bonds.
4. Corporate Deposits
Many non-banking financial companies (NBFCs) and housing finance companies (HFCs) offer various types of corporate deposits in the markets. Although they are similar to bank deposits, customers should invest their money with a corporate entity. The deposits will cover high-interest rates and come with additional flexibility. Besides that, they provide separate interest rates for senior citizens to ensure the best returns. Before investing in corporate deposits, customers should check the financial strength and credibility of the NBFC. This is because they also have some disadvantages, and investors should evaluate them properly before investing money.
5. SWP from Mutual Funds
A systematic withdrawal plan (SWP) offered by mutual funds allows investors to earn some good returns. It gives ways to get a steady monthly income from mutual funds, which helps generate high income. The mutual fund monthly income plan enables investors to get consistent revenue in a month. At the same time, customers should know the terms and conditions properly before buying them. They can use a calculator to know the future value and total returns.
6. LIC Monthly Income Plans
LIC, the largest public insurance company, now offers monthly income plans for individuals and senior citizens to earn good profits. Jeevan Akshay VI is one the best LIC monthly plan where investors can invest a lump sum amount as low as Rs.1.5 lakhs. It is a retirement plan meant for senior citizens who want to get a regular income after retirement. A policy buyer should select the type and mode of payment from multiple options. Moreover, some life insurance policies come with investment options allowing customers to earn high returns and income.
7. Senior Citizen Savings Scheme (SCSS)
A senior citizen savings scheme is a government scheme offered by a post office that provides several benefits. It lets senior citizens invest a minimum of Rs.1000 and up to a maximum of Rs 15 lakhs. Senior citizens can even open a savings scheme in both public and private banks based on their choices. SCSS is one of the best investment options in India that will help achieve better returns. Besides that, it allows a person to ensure financial protection after retirement. It has a tenure of 5 years, and a policyholder can extend the same after the maturity process.
Anyone who is above 60 years can open a savings scheme in a bank or post office that will help plan life after retirement without any hassles. The scheme even offers income tax deductions under the income tax act.
These are the best monthly schemes available in the market which you can opt for as per your requirements.