Post Office Monthly Income Scheme: Post Office Schemes are easily accessible to individuals residing in all parts of the nation, including villages, towns, and districts. The government runs these schemes, in which their money is protected and they receive good returns.
Post Office Monthly Income Scheme
Post Office Schemes are easily accessible to individuals residing in all parts of the nation, including villages, towns, and districts. The government runs these schemes, in which their money is protected and they receive good returns. If you are concerned about not having a steady income after retirement, the post office has a solution for you. Investing in post office programmes might provide you with a regular income.
This account can be created jointly with your spouse, i.e. husband and wife. That is, they can both create a joint account. Post Office Monthly Income Scheme is the name of this Post Office scheme.
You can obtain monthly money by investing a big sum in this arrangement. You will earn interest on your deposited funds, and you will get this income on a monthly basis. A monthly pension of Rs 9,250 is available under this arrangement. If you select Single Investment, you may invest up to Rs 9 lakh. You can deposit up to Rs 15 lakh in a joint account with your spouse. This government initiative is now giving 7.4 percent interest.
On a Rs 15 lakh investment, you will earn an annual interest of Rs 1,11,000 if you form a joint venture with your wife. Every month, you will receive a pension of Rs 9,250, which is solely your interest money. Your money is secure in the post office programme. After maturity, you will receive your money back. You can prolong the money in the plan for another five years if you desire. This account can also be established jointly by three persons.
The Post Office Monthly Scheme will be completed in 5 years. It has the potential to be closed prematurely. After one year, the money can be withdrawn. If you remove funds between one and three years, a 2% penalty is applied. After three years, one percent of the money is withdrawn.