Post Office Monthly Income Scheme : Invest money once in Post Office Monthly Scheme and get income up to Rs 9250 every month. This Monthly Income Scheme of Post Office is a good option for those who want regular income and do not want to take risk. Apart from this, they are planning for retirement. This scheme is also proving to be the best. The Monthly Income Scheme is run by the post office is safe and gives good returns.
Post Office is running many types of saving schemes for every age group, children, old and young. Due to safe investment and excellent returns, this scheme is becoming quite popular. Out of these, Monthly Income Scheme is also becoming quite popular. There is a free option to invest in it. After this, you will receive the interest amount every month and in this you are being offered an excellent interest rate of 7.4 percent.
What is Post Office Monthly Income Scheme
This is a monthly income scheme run by the post office in which interest is offered at the rate of 7.4%. In this scheme, interest is given on monthly basis. Under this scheme, any Indian citizen can open his account.
This scheme is completely risk free. And one gets good returns. In this scheme, the benefit of interest starts only after completion of one month from the date of opening the account.
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How much money will have to be invested in this monthly income scheme
In the Post Office Monthly Income Scheme, you can open an account with a minimum investment of Rs 1000. In this scheme, a single account holder can invest a maximum of Rs 9 lakh, whereas on opening a joint account, the maximum investment limit is kept at Rs 15 lakh. Has been.
Who can open an account under Monthly Income Scheme?
To invest in the Monthly Income Scheme, it is necessary to have a savings account in the post office. Any person of 18 years of age or above can invest in this scheme. A maximum of three persons can open a joint account for this scheme. Cases of opening a joint account. Each investor has equal rights on the account Maximum limit in case of joint account is Rs 15 lakh and single limit is Rs 9 lakh Post Office Monthly Income Scheme for minors The age limit is above 10 years after the maturity period of 18 years Can withdraw the amount.
Documents required to open an account under this scheme
The candidate should have a government issued identity card like passport, voter ID card, driving license or Aadhaar card. Apart from this, there should be 2 passport size photographs. You can also open your account easily with the help of Aadhaar card and PAN card.
Eligibility for Monthly Income Scheme Scheme
This scheme is only for Indian citizens. Anyone above 18 years of age can open an account in this scheme. You can open an account on behalf of a minor of 10 years of age or above and when he turns 18 years of age. So he becomes able to access the funds. After attaining the age of majority, the minor has to apply for conversion of the account in his name.
Benefits of Post Office Monthly Income Scheme
Under this scheme, guaranteed returns are given by the government and there is no risk of any kind in it, in this you get an interest rate of 7.40% per annum. When you open a monthly income scheme account in the post office, you can deposit the amount in such account at 5%. Cannot be withdrawn before the year. When you invest under this scheme, you start getting interest just after 1 month. You earn stable income every month on your investment fund. No TDS is deducted on the interest amount.
Post Office Monthly Income Scheme
Under the Post Office Monthly Scheme Scheme, you can open an account in any nearest post office, after this you can also transfer it to the post office of any other city. You can also convert the single account of the Post Office Monthly Scheme Scheme into a joint account. Under this scheme, if you invest Rs 9 lakh, you start getting Rs 5550 per month from the next month itself. If you invest Rs 15 lakh, you start getting Rs 9250 every month.
