Post Office Scheme: When it comes to safe investments and excellent returns, Post Office Small Savings Schemes are quite popular these days. The Indian Post Office operates government schemes for everyone from children to the elderly and women. Some of these schemes even guarantee a regular monthly income, which can eliminate the worry of financial needs after retirement. One such scheme is the Post Office Monthly Income Scheme (MIS), in which you can ensure a monthly income of Rs 5,500 after just one investment, and the government also provides a healthy interest rate on this scheme.
Money will be deposited into your account every month
Everyone aims to save a portion of their earnings and invest it in a way that yields good returns, while some seek out plans that ensure a steady income. If you’re considering this, the Post Office MIS Scheme is just right for you. With this scheme, you can start earning Rs 5,500 each month solely from the interest. The government guarantees the safety of your investment, which means you can count on a monthly income without any risk. You can open an account in this scheme with just Rs 1000.
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The government is providing a 7.40% interest rate on investments
Anyone aged 18 or older can set up an account under the Post Office MIS Scheme. You can choose between single and joint accounts. If you opt for a joint account, up to three adults can be included. As for the interest, the Post Office MIS Scheme offers a 7.40% rate on your investments. The maturity period lasts for five years.
The Post Office Monthly Income Scheme is a one-time investment plan. This means you only need to invest once, and then you’ll start receiving monthly earnings from the interest generated. Under this government scheme, you can invest a maximum of Rs 9 lakh in a single account. However, if you open a joint account, the maximum investment can go up to Rs 15 lakh. Interest begins to accumulate from the month following the account opening and continues until maturity.
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How can you make Rs 5,500 every month?
Let’s talk about how you can secure a monthly income of Rs 5,500 through this post office scheme. The math is pretty straightforward. To achieve this monthly income, you’ll need to set up a single account and deposit the maximum amount, which is a one-time payment of Rs 9 lakh. With the government’s annual interest rate at 7.4%, you’ll earn Rs 5,500 in monthly interest.
If you want to earn even more, consider opening a joint account. By investing Rs 15 lakh in it, your monthly earnings can rise to Rs 9,250.
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Post Office MIS Accounts
This Post Office scheme allows you to receive interest on a monthly, quarterly, half-yearly, or yearly basis. However, to make the most of this scheme, it’s crucial that you don’t close the account before it matures in 5 years. Closing it early could lead to losses. If you close the account within 1 to 3 years, a 2% deduction from the principal amount will apply. If you close it between three to five years, a 1% deduction will occur. Additionally, if the account holder passes away before maturity, the account can be closed, and the deposited amount will be given to the nominee along with interest until the refund.
Opening an account under the Post Office Monthly Savings Scheme is super easy. Just head to your nearest post office with the necessary documents. There, you can fill out an account opening form and a KYC form, and submit it along with a photocopy of your PAN card.