Monthly income Scheme or Recurring Deposit? Which one is for you?

1. 58

   shekharhoichoiposted 2 years ago

   Both the Indian Post Office MIS and RD schemes have their own advantages and disadvantages, and which one is "best" depends on individual financial goals and needs.
   
   MIS (Monthly Income Scheme) provides a fixed monthly income and is a low-risk investment option with a guaranteed return.
   
   RD (Recurring Deposit) provides a higher rate of interest than savings account and is a good option for those who have a regular source of income and can afford to set aside a fixed amount each month.
   The calculation is very simple though: You can use - Post office MIS calculator a free and super simple tools.
   
   Both schemes have different tenures, interest rates, and penalties, so it is important to evaluate your financial goals and evaluate both options before making a decision.
   The Indian Post Office Monthly Income Scheme (MIS) is a low-risk savings scheme that offers a fixed monthly income. The scheme is suitable for individuals who are looking for a stable, predictable source of income and are willing to invest their money for a fixed tenure of 5 years. The interest rate on MIS is currently 7.6% p.a., and the investment is eligible for tax benefits under Section 80C of the Income Tax Act.
   
   The Indian Post Office Recurring Deposit (RD) is a savings scheme that allows individuals to save a fixed amount of money every month for a specified tenure. The tenure for RD ranges from 6 months to 10 years, and the interest rate on RD is currently 7.3% p.a. RD is a good option for individuals who have a regular source of income and can afford to set aside a fixed amount every month for savings. The interest earned on RD is fully taxable.
   
   In conclusion, both MIS and RD have their own advantages and disadvantages and the best option depends on the individual's financial goals and needs. It is important to evaluate both options carefully, consider factors such as tenure, interest rate, tax implications, and penalty charges before making a decision.

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2. 58

   shekharhoichoiposted 2 years ago

   Go to miscalculator.in for calculating which one is best.

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3. 81

   Kathryn L Hillposted 2 years ago

   "Both the Indian Post Office MIS and RD schemes have their own advantages and disadvantages, and which one is "best" depends on individual financial goals and needs."
   
   What is going on in India?
   What are these "schemes?"
   Both "have disadvantages?" Why consider either one, then?

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