Many people are now investing in the post office along with banks. The post office offers several benefits and guaranteed returns. Investors also get other advantages. Most people know about the popular post office schemes. But today, we will tell you about another scheme where husband and wife can earn good money every month from two separate accounts. The name of this scheme is the Post Office Monthly Income Scheme. You can open a single account or a joint account in this scheme. The central government of India provides many facilities for this scheme. On April 1, 2023, the government increased the interest rate slightly compared to before.
Another special benefit of the Post Office Monthly Income Scheme is that you can withdraw money from it exactly one year after you deposit it. However, if you withdraw money between one and three years, you will have to pay a 2% fee.
Post Office Monthly Income Scheme: Key Benefits
Withdrawal and Investment Rules:
You can withdraw money from this scheme one year after depositing it. If you withdraw between one and three years, a 2% fee will apply. You can open a single account, a joint account with two people, or even a three-person account. You can also convert a single account to a joint account and vice versa.
Interest Rate and Earnings:
The Central Government currently gives 7.4% interest on this scheme. The investment period is 5 years. The minimum investment is ₹1,000, and the maximum for a single account is ₹9 lakh. For a joint account, the maximum is ₹15 lakh.
If you invest ₹9 lakh in a single account, you can earn ₹5,550 per month. If both spouses invest ₹9 lakh each in a joint account, the monthly income will be ₹11,100.