Which Is Better MIS Or FD?

What is the maximum limit of MIS in post office?

Post Office Monthly Income Scheme (POMIS) Account: You can ensure a monthly in-hand cash flow of Rs 5700 for five years by opening a joint Post Office Monthly Income Scheme (MIS) account and depositing Rs 9,00,000.

Two or three adults can open a joint MIS account, which has the maximum investment limit of Rs 9 lakh..

Can I double my money in 5 years?

To get your money doubled in five years, the CAGR needed will be nearly 15 per cent (more preciously 14.87 per cent). However, there is no guaranteed-return product that offers such a high rate of return and the only possible way to achieve this is by taking risk.

Which is the best MIS scheme?

Best Monthly Income Schemes for 2020Monthly Income PlansEntry Age (Minimum to Maximum)HDFC Life Super Income Plan30 days to 59 yearsICICI Pru Cash Advantage0 year to 60 yearsIDBI Federal Life Insurance Guaranteed Income Plan8 years to 50 yearsIndiaFirst Life Guaranteed Monthly Income Plan18 years to 50 years17 more rows

Is MIS of Post Office taxable?

The interest earned on the Post Office MIS scheme is not subject to any Tax Deducted at Source or TDS.

Which bank is best for MIS?

Top banks monthly income FD interest rates for senior citizensBankInterest RateTenureAxis Bank2.50% – 6.05%7 Days – 10 YearsICICI Home Finance6.25% – 6.75%12 Months – 120 MonthsKotak Bank3.00% – 5.50%7 Days – 10 YearsPNB Housing Finance6.45% – 6.95%12 Months – 120 Months11 more rows

Which investment is better than FD?

Consider this hand-picked list of Debt Mutual Fund Schemes from Money Market, Short-term and Banking & PSU Funds. By investing FD-like instruments from high quality companies, these Funds can offer potential to earn better than FD returns if you are looking for low-risk investment option.

What is interest rate of MIS in post office?

Post Office Monthly Income Scheme Vs other saving schemesSavings SchemeRate of InterestTDSPost Office Monthly Income Scheme7.6%No TDS is deductedPost Office Recurring Deposit7.2%No TDS is deductedPost Office Time Deposit (1,2,3 years)6.9%No TDS is deductedPost Office Time Deposit (5 years)7.7%TDS is deducted3 more rows

Which is better Post Office FD or bank FD?

Post office time deposits The interest earned is fully taxable and to be added to one’s ‘Income from other sources’ as in the case of bank FD. There is complete safety as the entire amount in post office time deposit is backed by a government guarantee. Even the interest rate is higher than bank FD in most cases.

Is MIS good investment?

The MIS is a fixed income scheme and is a low-risk investment. The money deposited is not subject to market risks and stays safe. … With MIS, investors earn guaranteed interest returns every month. The current interest rate offered by Post Office MIS is 6.6 per cent per annum from 1 April 2020.