Those who are planning for their retirement should consider investing in various schemes offered by the post office.
For a better life after retirement, government schemes offer investors safe and effective returns. Secondly, due to government schemes, your money will be completely safe, which guarantees that your retirement is completely safe. The post office offers a monthly income scheme, under which investors get a regular monthly pension. You need to invest only once in this scheme. You also get maturity benefits in this scheme. If your plan is to invest in this scheme, then it is important for you to know some important things first.
Who can open Monthly Income Scheme Account
You can open a joint account in the Monthly Income Scheme, either alone or jointly. If a child wants to open a Monthly Income Scheme account, then he will need a guardian. This rule is for children under 10 years of age. The account of a child above the age of 10 years can be opened in his name.
Minimum investment
You can open this account with minimum Rs 1000. Thereafter you can make further investments in multiples of Rs.100. There is also a limit on the maximum investment in this scheme. If someone opens this account alone, then they can invest a maximum of Rs 4.5 lakh, while in a joint account you can invest a maximum of Rs 9 lakh. Interest is paid till maturity one month after the account is opened.
Know some important things
To open an account for Monthly Income Scheme, you must have a savings account with the post office. To open an account, visit the nearest post office branch. Then fill the application form. You can download this form from the official website of the post office. You will have to provide Aadhar, Passport, Voter Card or Driving License for ID proof along with 2 passport size photograph. You will also have to provide the name of the nominee. The minimum balance amount required to open this account is Rs 1000, which can be paid by cash or cheque.
How to close account
This account will be valid for five years from the date of opening. The account cannot be closed before the end of one year from the date of opening of the account. If the account is closed after one year but before 3 years, then 2% money will be deducted from the principal. 1% will be deducted on closing the account after 3 years but before 5 years from the date of opening.
Know the rest of the details
This is a post office scheme with a maturity period of 5 years.
– If the account holder fails to claim the monthly interest no additional interest will be paid
According to India Post, this scheme will pay 6.6% interest annually.
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