Under the Post Office Monthly Income Scheme, an account can be opened with just Rs 1000. Any person who is above 18 years of age can open this account.
Post Office Monthly Income Scheme
In today’s era, there are many products in the market to save money. People make their big fund from options like Mutual Fund, LIC, Kisan Vikas Patra. At the same time, some such schemes are run in the post office in which you can deposit a small amount every month and save the time to come and get Rs 4950 every month. Let’s know which is this scheme and how to get its benefit
The name of the scheme we are talking about is Post Office Monthly Income Scheme. As the name suggests, it is a monthly income scheme. Through this scheme, you can get your money back with full guarantee that too with interest.
This is how you will get money every month
In this scheme of post office, an annual interest of 6.6 percent is available. If an investor has invested Rs 9 lakh in this through a joint account, then his annual interest at the rate of 6.6 per cent is Rs 59,400. In this sense, your monthly interest amount comes to Rs 4,950. Which you can take every month. This is only the amount of interest, your principal amount will remain the same.
Account can be opened with only 1000 rupees
Under the Post Office Monthly Income Scheme, an account can be opened with just Rs 1000. Any person who is above 18 years of age can open this account. A person can open an account with a maximum of 3 account holders simultaneously. In this scheme, an account can also be opened in the name of a child above 10 years. For a child below the age of 10 years, a guardian can open an account in his own name.
What are the terms and conditions of the scheme
One condition of opening this account is that you cannot withdraw your deposit before 1 year. On the other hand, if you withdraw before the completion of your term i.e. between 3 to 5 years, then after deducting 1 percent of your principal amount, you will get it. On the other hand, if you withdraw your amount on completion of the term i.e. 5 years, then you will get all the benefits of the scheme.
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