Everyone wants financial security for the future. However, many people look for a safe investment option because they are afraid of losing money. Especially if you are married, then a post office scheme can be like a golden opportunity for you.
It is said that if you invest a fixed amount in the Post Office Monthly Income Scheme, you will receive a good amount of interest every month. And the best part is, this scheme is run under the supervision of the government. Your capital also stays completely safe. But how can you invest? How much money is needed? Read this report to find out.
A Special Post Office Scheme
This scheme allows both joint and single accounts. If a husband and wife invest together, they can invest up to ₹15 lakh. The best part is that the scheme offers interest of up to ₹1,11,000 every year, which means ₹9,250 monthly.
How Much Money to Invest?
To open an account in this scheme, a minimum investment of ₹1,000 is required. After that, you can deposit additional amounts in multiples of ₹1,000. The maximum deposit allowed in a single account is ₹9 lakh, while a joint account can hold up to ₹15 lakh. Each member of a joint account shares an equal stake.
How Much Interest is Paid?
Currently, the annual interest rate for this scheme is 7.4%. The interest is paid every month, providing a steady monthly income. If you do not withdraw the interest, it will be deposited into your Post Office savings account, earning more interest.
What Will You Get as a Return?
- Joint Account (₹15 lakh): You will get ₹1,11,000 in interest annually, which equals ₹9,250 per month.
- Single Account (₹9 lakh): You will receive ₹66,600 in interest annually, which is ₹5,550 per month.
Scheme Duration
The duration of this scheme is five years. After the period ends, you can renew the investment according to the current interest rates. The scheme offers long-term income, which can help secure your retirement life.
Who Can Invest?
Only adult Indian citizens can invest in this scheme. You can open an account for a maximum of three people, and parents can open accounts in the name of minors who are 10 years or older.
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