Post Office Savings Scheme: People are earning excellent interest by investing in the Post Office. Several of its savings schemes are proving very popular. Although the Reserve Bank of India cut the repo rate by 1.25 per cent last year, the interest rates offered on Post Office savings schemes remained unaffected.

According to the Union Finance Ministry, the interest rates on Post Office savings schemes have remained unchanged for the fourth quarter of the current financial year as well. One such Post Office scheme, where anyone can invest and receive excellent returns, is the Monthly Income Scheme, which is gaining immense popularity. This scheme offers a substantial interest rate.

Interest Rate on Monthly Income Scheme

The Post Office Monthly Income Scheme offers a high interest rate. Investing in this scheme yields an annual interest rate of 7.4 per cent. A minimum of Rs. 1000 is required to open an account in this scheme. The maximum investment limit is Rs. 9 lakh.

For a joint account, the maximum deposit is Rs. 15 lakh. A joint account can include a maximum of three people. If you invest the maximum amount of Rs. 15 lakh in a joint account with your spouse, you can earn a substantial monthly income. A ​​deposit of Rs. 15 lakh will yield a fixed interest of Rs. 9250 every month.

What is required to open an account?

The Monthly Income Scheme provides a high interest rate every month. The interest amount is directly transferred to the account. This scheme matures in 5 years. After maturity, the entire invested amount is also transferred to your account.

To open a Monthly Income Scheme account at the Post Office, it is essential to have a savings account at the Post Office. Therefore, if you wish to join the Monthly Income Scheme, you must first open a savings account. After that, you can open a Monthly Income Scheme account. The interest amount is transferred to your Post Office savings account.