You will earn every month with savings, this scheme is very useful: Post Office Saving Scheme

Post Office Saving Scheme: Many schemes are being run by the government, banks and post offices to economically empower women. There is a similar scheme of the post office in which women can earn money sitting at home along with savings. Post Office Monthly Income Scheme is a savings scheme run by the Government of India which helps women financially. Under this savings account, women can arrange employment for themselves by saving every month. Post Office Monthly Income Scheme is a good option to earn every month with investment. This is a Government of India scheme, hence it is completely safe for investment. It is very easy to start investing in this scheme, let us know about it.

Also read: A special post office where only women work: Women Post Office

Open account in post office

To start investing in Post Office Monthly Income Scheme, you will first have to go to your nearest post office and open an account. Only adults can open Post Office Monthly Income Scheme account. For minor children, a joint account can be opened with parents or guardian.

How much investment will be required

Investment in Post Office Monthly Income Scheme can be started with a minimum of Rs 1000. According to post office rules, a single account holder can invest only a maximum of Rs 9 lakh in a financial year. The maximum investment limit for investment in a joint account is Rs 15 lakh.

You will get this much interest

Post Office Monthly Income Scheme currently gives 7.4 percent annual interest. On investment of Rs 1 lakh in India Post Monthly Income Scheme, you will earn Rs 620 every month and Rs 7440 annually. Interest payment starts after completion of one month from the date of account opening. Interest is paid every month till maturity. No additional interest will be paid on the interest accrued every month. Income tax is also levied on the interest received under this scheme, which is based on the tax slab of the person.

For how many years is the account opened?

Post Office Monthly Income Scheme account is opened for five years. Before this you cannot withdraw the amount deposited in the account. Under the scheme you can deposit a maximum of Rs 9 lakh. In this you can open more than one account, the total amount of which should be Rs 9 lakh only. Under this scheme, maximum three people can open a joint account. Whose maximum limit can be Rs 15 lakh.

Documents required to open account

To avail the benefit of Post Office Monthly Income Scheme, it is mandatory to have a copy of any one of the government issued identity card, passport, voter ID card, driving license and Aadhar card. Apart from this, home address and utility bills are also submitted. Also, it is mandatory to attach two passport size photographs.