Post Office Scheme: The Post Office operates numerous government schemes. You can earn guaranteed returns from all of these schemes. Investing in these schemes is safe. If you want to earn a monthly income through your investments, we’ll discuss a specific scheme in this article. We’re talking about the Post Office Monthly Income Scheme, which provides investors with a monthly income. If you’re considering investing in this scheme, you can easily do so. This scheme also has some unique features.
Quickly Learn the Scheme’s Details
If you invest in the Post Office Monthly Income Scheme, you receive a monthly income. You can invest up to a maximum of ₹9 lakh in this scheme. After this, you’ll start receiving monthly income under the scheme. Understand the calculation here.
If you invest approximately ₹815,000 in this scheme, you can receive monthly installments of ₹5,026 at an interest rate of 7.4%. This means you will earn ₹5,000 monthly.
What are its benefits?
This scheme provides a substantial monthly income to the beneficiary. Its lock-in period is 5 years. This means that withdrawals are available before the 5th year.
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Doing so results in a lower amount than expected. If a person withdraws between 1 and 3 years, they receive 2% less than the maturity amount. If they withdraw between 3 and 5 years, the total amount is reduced by 1%. However, no individual can withdraw before the 1st year. If two people apply together, they can invest up to ₹15 lakh.