Post Office Monthly Income Scheme is one of the most popular investment option just like other post office schemes.
Through this scheme of post office, you can get a fixed amount every month as income. For this scheme, you can get the amount of interest every month directly in your bank account by opening an account in the post office.
Special Features of Post Office Monthly Income Scheme :
- Who Can Invest?
- Interest Rate of Post Office Monthly Income Scheme :(Interest Rates)
- Account Opening Process in Post Office Monthly Income Scheme: (Account Opening Process)
- How much can you invest maximum? (Max Investment)
- What should I invest:(Should You Invest)
- Special Features of Post Office Monthly Income Scheme :(Post Office Monthly Income Scheme Features)
- Post Oficr’s Monthly Income Scheme is a small savings investment scheme in which any Indian can open an account.
- Under this scheme, you can open a single or joint account, after opening the account, you have to invest a lump sum amount.
- The monthly income scheme of the post office is of 5 years, which you can extend for another 5 years.
- In these 5 years, interest is given to you every month on the amount of your investment which is directly transferred to your bank account.
- Being a post office scheme, this scheme is completely safe, in which there is no possibility of drowning money.
Who Can Invest?
- You must be an Indian citizen to invest in the Post Office Monthly Income Scheme scheme.
- After this, after submitting the required documents to the post office, your account is opened.
- Interest Rate of Post Office Monthly Income Scheme :(Interest Rates)
- Under this scheme, in this quarter, the government has fixed an interest rate of 6.6 percent per annum.
- Account Opening Process in Post Office Monthly Income Scheme: (Account Opening Process)
- You cannot open an online account in the Post Office Monthly Income Scheme, for this you have to go to the post office.
- While opening the account, you must have your Aadhar card, PAN card, etc.
- You will be given the application form from the post office, which you have to fill completely and also give your 2 passport size photographs.
While submitting the account opening form, he/she is required to submit the Xerox copy of the required documents and a minimum deposit of Rs.1,000.However, you can deposit the entire lump sum amount at the time of opening the account.
How much can you invest maximum? (Max Investment)
- In this scheme, you can invest a lump sum amount up to Rs 4.5 lakh through a single account.
- At the same time, a joint holder account can also be opened, in which a total of Rs 9 lakh can be invested together.
- What should I invest:(Should You Invest)
- If you want to get a fixed income every month through your investments, then this may not be a good investment option.
- Retirement people can get a fixed income every month by depositing their amount in this scheme without taking any risk.
- Understand that if you have invested an amount of 4 lakh 50 thousand in this scheme, then according to the interest rate of this time, you will get interest of Rs 2475 every month.
- This means that every month you will continue to get fixed income of Rs 2475.
