Post Office Schemes: There are several post office schemes in operation around the country. In which individuals make good money by investing. If you wish to invest in a post office plan, we will tell you about one today that would provide you with good profits.
New Delhi: The Post Office offers a variety of savings plans for persons of all ages and socioeconomic backgrounds. You gain high profits in addition to the security of your money invested. The Post Office Monthly Income programme is one such programme, which guarantees a monthly income to the investor.
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What is the maximum rate of interest?
The earnings on the post office’s monthly income programme are likewise outstanding. The interest rate on investment has been raised to 7.4 percent as of July 1, 2023. The most significant aspect of this plan is that by investing in it, you eliminate the stress of your monthly income.
This government program has a 5-year maturity term, and funds cannot be withdrawn until one year after the account is started. You may start an account with as little as Rs 1000.
Post Office Monthly Income Scheme calculator
The government has raised the investment limit of individual and joint account holders investing in the Post Office Monthly Savings Scheme. The initial investment limit of Rs 4,5 lakh for individual accounts has been raised to Rs 9,000, while the maximum investment limit for joint accounts has been raised from Rs 9,000 to Rs 15,000, with effect from 1 April 2023.
Investors are able to arrange a fixed income each month through this scheme. However, it is important to note that the increased investment limit does not allow for the closure of the account for a period of one year. If the account is closed prior to three years, a fee of 2 per cent will be charged, while if the account is closed after three years and before five years, the fee will be reduced to 1 per cent.
Post Office Schemes calculation of the monthly income example
In this post office programme, a lump sum investment assures monthly income, and if you compute the monthly income, you would obtain a rate of 7.4 percent if you invest Rs 5 lakh in it for five years.
Every month, an income of Rs 3,084 will be generated by the interest earned on this. If we look at the highest limit of an individual account user, which is Rs 9 lakh, the monthly income is Rs 5,550. In addition to monthly, you can collect this interest income quarterly, half-annually, or yearly.
How to open an account in the nearest post office
It is quite simple to open an account under the Monthly Income Scheme (MIS). You may accomplish this by going to your local post office and submitting the application form together with the required documentation.
Account opening forms may be obtained from the post office and submitted along with the KYC form and PAN card. In the event of joint account holders, KYC documentation must also be presented. Meanwhile, remember to enter all of the information accurately while filling out the account opening form.