Post Office – How to Earn Over ₹9,000 Every Month? Know the Essentials

New Delhi: Every person desires a monthly income. They hope to receive enough money every month to meet their expenses. The Indian government has launched several schemes that allow them to invest and earn money every month. You may have heard of the Post Office Monthly Income Scheme.

If you haven’t, you should know. The Monthly Income Scheme will provide a means of earning a decent amount of money every month, and it will start arriving in a very short time. The special feature of the Post Office Monthly Income Scheme is that it allows you to open a joint account. Three people can open an account simultaneously, and then they will have to invest. The Post Office offers interest rates on this scheme, and you can understand the important points in detail below.

How can you earn Rs. 9,000 per month?

The Post Office Monthly Income Scheme can provide you with a good income. This scheme can earn you up to Rs. 9,000 per month. The government has set the maximum investment limit for joint accounts at ₹15,000.

Investing up to ₹15 lakh in this scheme with your partner will currently earn an annual interest rate of 7.4%. This translates to an annual interest rate of ₹111,000. If you divide this amount by 12 months, you’ll earn ₹9,250 per month.

What will happen to those with a single account?

If you open a single account under the Post Office Monthly Income Scheme, you can invest a maximum of ₹9 lakh. Depositing ₹9 lakh will earn you ₹66,000 per year as interest at a rate of 7.4%.

This will generate a monthly income of ₹5,550. You can cover household expenses like electricity, water, and other expenses. The maximum investment amount for a single account is ₹9 lakh, and for a joint account, you can invest up to ₹15 lakh.

Know who can open an account

Any Indian citizen can open an account under this powerful Post Office scheme. Accounts can also be opened in the name of children above 10 years of age. Guardians oversee these accounts. People can visit any nearby post office and open this account with minimal paperwork.

Just keep in mind that you may be taxed on the interest earned under this scheme according to your tax slab, although no TDS will be deducted on the amount invested. You can invest in this Post Office scheme after understanding the essential aspects. Investing here is safe and can also cover household expenses. Apart from this, the post office also operates many schemes.