An investment scheme providing monthly income gives us financial freedom, which helps to get some regular income. Some of the popular scheme that provide monthly income are - Post Office Monthly Income Scheme(MIS), Senior Citizen Savings Scheme (SCSS), Atal Pension Yojana (APY), mutual fund systematic withdrawal plan
Guaranteed return scheme provides an annual interest rate of 7.4 per cent. One can have an individual or a joint account under the scheme. In an individual account, one can deposit a maximum of Rs 9 lakh, while in a joint account, the maximum limit is 15 lakh.
The scheme provide quarterly income to senior citizens. On a one-time investment, they can get income for five years. After 5 years, the SCSS account holder can extend their account for another 3 years.
This pension scheme is for workers in the unorganized sector. Under APY, the government guarantees a minimum monthly pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 or Rs 5,000 per month at the age of 60 years based on the contribution of subscriber
In a SWP plan in mutual fund, you get a fixed income every month after making a one-time investment. The mutual fund house sells net asset value(NAV) every month to match the prefixed withdrawal limit