Post Office Schemes: Nowadays, everyone is thinking about investing to earn substantial returns. When a person retires, the money invested comes in handy at that time. There are many savings schemes currently operating in the market, offering excellent ways to invest. Investing in these schemes can generate significant profits. In this article, we will explain the Post Office Monthly Income Scheme in detail, where you can earn substantial returns by depositing just ₹1,000 monthly.
The Post Office Monthly Income Scheme is a safe and secure scheme, where you can earn fixed interest every month by depositing money. This scheme is a good option for those who want a regular income without any risk. This scheme primarily includes the elderly, pensioners, and housewives.
How much can you invest?
The minimum investment in this Post Office scheme is ₹1,000. The maximum deposit is ₹9 lakh in a single account and ₹1.5 lakh in a joint account. A single person investing ₹9 lakh earns 7.4% annual interest. After that, they receive ₹5,550 monthly. Investing ₹1.5 lakh in a joint account earns ₹9,250 monthly interest. The investment period for this scheme is 5 years. You cannot withdraw funds during the investment period, but you can do so subject to certain conditions.
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How to avail the benefits?
This scheme offers many benefits. To open an account, you can visit your nearest post office branch and submit your documents. The special feature of this scheme is that there are no hidden fees, and investors’ money is completely safe. This is a great option for those who are thinking of avoiding risk in the stock market and wanta monthly income.