In the Monthly Income Scheme of the Post Office, at present, annual interest is being received at the rate of 6.6 percent. You can deposit a maximum amount of Rs 4.5 lakh in this scheme. If you open a joint account, you can deposit up to Rs 9 lakh.
Post Office Monthly Income Scheme: We invest our money in all the schemes so that we keep earning every month from our savings. Although most people turn to the stock market for investment, but these days the condition of the stock market is bad. Investing here is not less than risk. In such a situation, the post office is such a medium where our para is completely safe and the return is also good.
There are many such savings schemes of the post office in which interest is getting more than 7 percent per annum. Here we are discussing the monthly income scheme of the post office. The Post Office Monthly Income Scheme gives us a fixed earning opportunity every month. This scheme is very beneficial for earning every month after retirement.
Under this scheme, you can open a single or joint account. In the Monthly Income Scheme of the Post Office, at present, annual interest is being received at the rate of 6.6 percent. You can deposit a maximum amount of Rs 4.5 lakh in this scheme. If you open a joint account, you can deposit up to Rs 9 lakh. Maximum 3 people can join the joint account but, the maximum amount of investment is Rs 9 lakhs only. This account can be opened by the guardian on the basis of a minor. A minor above the age of 10 years can open an account in his own name.
Income will be earned every month
In the Monthly Income Scheme of the Post Office, interest is available at the rate of 6.6 percent annually. If you deposit Rs 4,50,000 lakh in this scheme by opening an account alone, then you will get Rs 2475 as interest every month. In a year, this amount will be Rs 29,700.
In this scheme, if you deposit Rs 9 lakh by opening a joint account, then the total interest for one year will be Rs 59,400 at the rate of 6.6 percent per annum. This amount of interest will continue to be deposited in your account every month at the rate of about Rs 4950.
Interest is earned annually on the money deposited in the Monthly Income Scheme of the Post Office. It is divided into 12 parts and transferred to your account every month. If you do not withdraw this amount of interest from the account, then this money keeps getting added to your principal deposit and then interest is earned on the total amount.
The Monthly Income Scheme of the Post Office is of 5 years. But it can be extended for another 5 to 5 years. There is no time limit to proceed.
How to open an account
To take advantage of this scheme, an account can be opened in the nearest post office. Aadhar card or passport or voter card or driving license will be required to open the account. Along with 2 passport size photographs, address proof will be required. The name of the nominee will also have to be given while opening the account. This account can be opened by depositing Rs.1,000.
