- 6.6 percent interest is being given under this scheme
- A maximum investment of 9 lakhs can be made under this scheme
The market remains in a state of fluctuation due to the Corona epidemic. In such a situation, people are looking for a scheme to invest their money where they get better returns and their money is also safe. If you are also looking for a similar scheme, then the monthly income scheme of the post office will be right for you. We are telling you about this scheme.
What is the monthly income scheme?
This is a kind of pension scheme, in which you can arrange monthly income for yourself by depositing this lump sum money. Its special thing is that after the completion of the scheme you will get all your money back.
How much can you invest?
Under this scheme, accounts can be opened with a minimum of 1000 rupees. On the other hand, if you talk about the maximum, if your account is single, then you can deposit up to Rs 4.5 lakh. On the other hand, if you have a joint account, a maximum of Rs 9 lakh can be deposited in it. Maturity period is 5 years. After every 5 years the scheme can be carried forward as long as desired through the same account.
You can earn 5 thousand every month
, 6.6 percent interest is being given under this scheme. If you invest 4.5 lakh rupees under this scheme, then you will get interest of Rs 29700 annually as per the interest rate of 6.6 per annum. At the same time, if you invest 9 lakhs under a joint account, then you will get 59,400 years of interest. If it is shared equally in 12 months, then it will get a return of 4,950 rupees every month. If you do not withdraw the return, then interest is also paid on it.
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Account can also be opened
in the name of children, in this scheme an account can also be opened in the name of children. If the child is less than 10 years old, an account can be opened by the parents in his name. At the age of 10, the child can operate his own account, while he becomes full responsibility of the account when he becomes an adult.
How long will it take for the money to double in this scheme?
According to the Rule of 72, if you invest money in this scheme, then it will take 10 years and 10 months to double the money.
Free maturity will pay on withdrawals before the period
that you can withdraw money after one year to invest if you want to withdraw money before the maturity period. However, a deposit of 2% will be charged on your deposit. At the same time, if you withdraw money after 3 years, then a 1% fee will be charged on the deposit.
How to invest in it?
You can contact your nearest post office to open a post office monthly income account. Here you have to fill a form for the monthly income scheme. After this your account will be opened
