Nowadays, most people think about saving or investing money. For many, the first choice is the Post Office Monthly Income Scheme. The Post Office offers many schemes for children, women, and senior citizens. Most of these schemes are risk-free, and the money stays safe. The interest rates are also good, and the government guarantees security.
Who Should Choose This Scheme?
This scheme is best for retired senior citizens and housewives. You need to deposit a lump sum amount for 5 years. After the deposit, the Post Office starts paying monthly interest. The current interest rate is 7.4% per year. The deposited amount stays the same, and the interest is credited to your Post Office account every month.
Monthly Interest You Can Earn
- If you invest 1 lakh rupees, you will get about 616 rupees every month as interest.
- If you invest 5 lakh rupees, you will get about 3,083 rupees every month.
- The monthly interest depends on the amount you deposit.
- You can start this scheme with 1,000 rupees.
- There is no fixed maximum limit, but one person can deposit up to 9 lakh rupees in a single account.
- For joint accounts (2 or 3 people), the maximum limit is 15 lakh rupees.
How to Earn 5,550 Rupees Monthly
- If someone deposits the maximum amount of 9 lakh rupees, they will get 5,550 rupees every month at an interest rate of 7.4%.
- The scheme runs for 5 years, and interest is paid every month without fail.
- After 5 years, the full deposited amount (9 lakh rupees) will be returned.
- You can use this money for your needs or reinvest it again in the same scheme to continue earning monthly income.