Post Office Schemes: If you plan to earn income every month, then the post office scheme will be a golden opportunity. In the post office scheme, people will get income every month. Anyway, some post office schemes provide more interest than banks. You must have heard about the post office’s monthly income scheme.
Monthly Income Scheme gives a substantial interest rate, which is a great offer. The Monthly Income Scheme will provide a fixed interest of Rs 5550 monthly. You can know the essential things related to the scheme in the article below, where all the confusion will end.
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How much interest is being received on the Monthly Income Scheme?
Post Office Monthly Income Scheme is working to make people rich. In this scheme, people have to invest a lump sum. The interest amount keeps getting transferred to your account every month. Most importantly, you can open an account in the Monthly Income Scheme for a minimum of Rs 1000. You can invest up to a maximum of 9 lakhs.
If you have opened a joint account for some reason, you can invest up to a maximum of 15 lakh rupees. A maximum of 3 people can be added to a joint account. Currently, 7.4 percent of annual interest is paid on the monthly income scheme payment.
How much interest will be received monthly in the account?
Post Office Monthly Income Scheme works wonders with a lock-in period of 5 years. If there is a problem, you can close the account and withdraw all the money. To open an account in the Monthly Income Scheme, you must also have a post office savings account.
If you invest up to 9 lakh rupees in this post office scheme, you will get a fixed interest of Rs 5550 monthly for years. Not only will your investment come into the account as soon as 5 years are completed. According to this, you will get more than Rs 3.30 lakh in interest in five years.
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