POMIS: Nowadays, everyone wants to invest in a place that offers strong returns without any risk. This is a concern for many. To address this issue, the Post Office is running a scheme that offers strong returns on small investments every month. The special feature of this scheme is that you only need to invest once. After that, you can earn monthly interest. We’re talking about the Post Office Monthly Income Scheme. This scheme involves no market risk and provides a fixed income every month.
Learn what the Post Office Monthly Income Scheme is
The Post Office Monthly Income Scheme is a government scheme. Investors are required to deposit a fixed amount, which then generates monthly interest income. This amount must be deposited for 5 years. This means that by investing once, you’re guaranteed a five-year investment. This Post Office scheme offers interest at a rate of 7.4%.
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How much can you invest?
This Post Office scheme allows you to open single and joint accounts. The maximum investment allowed in this scheme is ₹9 lakh in a single account and ₹15 lakh in a joint account.
Earnings on a ₹2 lakh deposit
If you invest ₹2 lakh, you’ll receive ₹14,800 in annual interest. This is divided into 12 parts, resulting in ₹1,233. This will be your monthly income. This income will continue for five years.
Earnings on a ₹5 lakh deposit
If you invest ₹5 lakh in this Post Office scheme, you’ll receive ₹37,000 in interest. This means you’ll earn ₹3,083 per month.
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Income from an investment of 10 lakh rupees
If you invest 10 lakh rupees in this post office scheme, you will receive 74 thousand rupees. This means you will receive 6,167 rupees per month. This will be your monthly income.