Post Office Scheme: business desk. If you want to invest your savings in a place where the money remains safe and you get a fixed amount every month, then Post Office's National Savings Monthly Income Account Scheme can be useful for you. Currently, this scheme is offering 7.4% annual interest. In this, regular income can be earned in the form of interest every month by depositing a lump sum amount.
Under this scheme, a maximum of Rs 15 lakh can be deposited in a joint account. According to 7.4% annual interest, interest of Rs 1 lakh 11 thousand is earned on Rs 15 lakh in a year. If it is divided into 12 months, it will be Rs 9,250 every month.
See you.What is Monthly Income Account? (Post Office Scheme)
This post office scheme is included in the small savings schemes supported by the Government of India. Its objective is to provide such savings in which the investor can get regular income on his deposited money.
This scheme can be especially useful for retired people, elderly people and those looking for low-risk investment options. In this, fixed interest is given on the deposited amount and it is paid every month.
Rs 9,250 every month on deposit of Rs 15 lakh (Post Office Scheme)
Suppose you deposited Rs 15 lakh in a joint account. At the rate of 7.4% annual interest, you will get interest of Rs 1 lakh 11 thousand in a year. By dividing this amount over 12 months, you will get Rs 9,250 every month.
That means regular monthly income can be earned through interest without touching the principal amount. If you do not withdraw the interest received, it will remain in the post office savings account. No separate interest will be given on that deposited interest. Interest will be calculated on the basis of principal amount only.
Whereas if you deposit Rs 9 lakh, you will get interest of Rs 66,600 annually at the rate of 7.4%. If this is distributed over 12 months, there will be an income of Rs 5,550 every month.
take care: Interest rates and rules may change. The government reviews the interest rates of small savings schemes every three months.
Full deposit returned after 5 years
The maturity period of this scheme is 5 years. That is, after completion of 5 years of opening the account, the original amount deposited is returned. After maturity, if the investors wish, they can continue the monthly income by reinvesting the amount in the same scheme as per the rules.
Who can open an account?
Any Indian citizen can open an account in this scheme. The account can also be opened in the name of a minor. Apart from this, joint account of maximum 3 adults can be opened. An account can also be opened in the name of a minor above 10 years of age under the supervision of a parent or guardian.
Aadhaar and PAN required to open account (Post Office Scheme)
Documents related to Aadhaar and PAN are necessary for investing in post office savings schemes. Aadhaar number or Aadhaar enrollment slip is required while opening an account. Along with this, PAN card information also has to be given.
How to open an account in post office
To open National Savings Monthly Income Account, it is first necessary to have a savings account in the post office. After this, the prescribed form for monthly income account will have to be filled. Along with the form, the amount to be deposited in the account will have to be deposited through cash or cheque. After completion of the documents and process, your monthly income account will be opened.
Special features of the scheme at a glance
interest rate: 7.4% p.a.
Maximum Joint Investment: 15 lakh rupees
Annual interest on Rs 15 lakh: 1 lakh 11 thousand rupees
interest every month: Rs 9,250
Maturity Period: 5 years
Account: single or combined
Benefit: Regular income in the form of interest every monthDon't forget to follow Read.Com's WhatsApp channel.