Post Office Savings Schemes: Some Post Office schemes are fulfilling people’s dreams of becoming wealthy. Investing in Post Office schemes also offers the benefit of high interest rates. The Post Office operates several types of savings schemes for the people of India. You must have heard about the Monthly Income Scheme.

Investing in this scheme will yield significant benefits. The best part is that there has been no change in the Post Office interest rates, even in the last quarter of the financial year. By investing in the Post Office Monthly Income Scheme, you can earn up to Rs 5550 in interest every month. You can understand the important details related to the interest earned on this investment below.

Interest Rate on Post Office Scheme

The Post Office’s popular Monthly Income Scheme offers attractive interest rates. This scheme provides an annual interest rate of 7.4 per cent. An account can be opened with a minimum investment of Rs 1000. A maximum of Rs 9 lakh can be invested in a single account. Up to Rs 15 lakh can be deposited in a joint account.

A maximum of 3 people can be added to a joint account in the Monthly Income Scheme. You only need to invest once in this Post Office scheme. As soon as you invest, interest will start accruing every month for 5 years. You can arrange for a monthly income by investing in this scheme.

All the money is returned after 5 yea.rs

The Monthly Income Scheme matures in 5 years. Upon maturity, the entire invested amount is returned. If you invest a maximum of Rs 9 lakh in the scheme, you will start receiving interest at the rate of 7 per cent. This interest will be paid every month. If you calculate the total amount per month, you will receive Rs 5550 in interest.

To join the scheme, you will first need to open a savings account at the Post Office. The interest money will be transferred to your Post Office savings account. This is a great opportunity to join the scheme. Don’t miss this opportunity to join the scheme. You will regret it if you miss out.