Monthly Income Scheme: This plan allows you to benefit from greater returns with no risk involved. In this arrangement, you have the option to open an individual or joint account. In addition to this, you won’t need to continually invest in this scheme. This means you need to put in a one-time investment, but you will continue to receive returns on it each month. At present, this program offers an annual interest rate of 7.4 percent.
How to creat an account
To create an account, you need to complete the KYC form and provide a copy of the PAN card. When you open a joint account, you must also provide the PAN card of the other account holder.
Initially, you need to establish a savings account at the post office. Subsequently, a form must be completed for the National Savings Monthly Income Account. Submit cash or cheque for the specified amount to establish an account along with the application form. Once this is completed, your account will be activated.
Monthly income calculation from this scheme
The scheme has a maturity duration of 5 years. This signifies that you will receive back your total deposited amount once the scheme is finished. If you invest Rs 5 lakh in this scheme, you will receive an interest of Rs 3,083 each month at a rate of 7.4 percent. By calculating in this manner, you will generate Rs 36,996 in interest annually. Conversely, if you have put in a total of Rs 9 lakh using one account, you will receive Rs 5,550 each month. A joint account can have a maximum deposit of Rs 15 lakh. This will generate Rs 9,250 each month.
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