Post Office Interest Rate: Everyone saves a portion of their wages with the intention of investing the funds in a location that will not only generate a large sum of money in the future but will also provide regular income after retirement. In this sense, the Post Office Savings Scheme is quite popular. You may earn a monthly income of Rs 9,000 by investing in the Post Office Monthly Income Plan contained in this. Please tell us more about it.
Post Office Interest Rates Table 2023
Post office savings plans are highly popular in India when it comes to safe investing. These initiatives are open to people of all ages, thus they may be used by everyone from youngsters to the elderly. This scheme has the same level of interest as previous schemes.
We’ll study about the Post Office Monthly Income Scheme today. This is an excellent strategy. After investing in this program, you will get a guaranteed monthly income, and because it is a government scheme, your money will be fully protected.
New Interest Rates On Post Office Schemes
Not only is money safe in this post office system, but the interest rate is higher than in banks. If you plan on investing for five years, this might be a rewarding investment. You can open an account in the Post Office Monthly Savings Scheme with a minimum of Rs 1,000 and a maximum of Rs 9 lakh.
The maximum investment limit for opening a joint account is Rs 15 lakh. This implies that both husband and wife can invest in a joint account up to Rs 15 lakh. A joint account may only be opened by three persons.
Post Office Monthly Income Scheme 2023
If you wish to plan your monthly income after or before retirement, you can begin investing in this post office plan. On this savings plan, the government is now giving an annual interest rate of 7.4%. This yearly interest on investment is delivered in 12 months under this program, and you continue to get it every month after that. If you do not withdraw the money on a regular basis, it will remain in your post office savings account, where you will earn additional interest by adding it to the principal amount.
Post Office Scheme To Double The Money
If you wish to earn more than Rs 9,000 per month, you must now register a joint account. If you put up Rs 15 lakh, your yearly interest rate of 7.4% will be Rs 1.11 lakh.
If you split this interest sum evenly over the course of a year, you would receive Rs 9,250 per month. If you create a single account, you would receive Rs 66,600 in interest each year, or Rs 5,550 per month, on a maximum investment of Rs 9 lakh.
Where Can This Account Be Opened Online
Post Office Monthly Income Scheme, like other Post Office savings programs, is relatively simple to create an account with. You may open this account by visiting your local post office. You will only need to complete in one form for this, and you will need to deposit the necessary amount in cash or check to open the account. To open an account under this plan, you must have a PAN card and an Aadhar card.