Post Office Monthly Income Scheme: If you are seeking for investment scheme options for guaranteed and better returns, then you can also invest in the post office scheme. In this scheme, you can take advantage of higher returns without risk.
The investor also gets guaranteed returns Scheme: POMIS. The scheme provides the option of both single or joint account.
Apart from this, you do not have to invest repeatedly in this scheme, that is, you have to invest a lump sum. Currently, this scheme gives an interest of 7.4 percent annually.
How to open a monthly income account
You just need to visit your nearest post office to open your account. To open an account, you have to fill the KYC form and attach a copy of the PAN card.
If you open a joint account, then you have to attach the PAN card of the other member as well.
About Post Office Monthly Income Scheme
In this scheme, the beneficiary gets monthly interest. Interest is added at the end of every month as soon as the investor opens the account and till the account matures.
Interest is revised every quarter in this scheme.
The duration of this scheme is 5 years.
The investor cannot make any kind of withdrawal from the account for 1 year after the account is opened.
If the investor closes the account before 3 years, then 2 percent of the principal amount is deducted. If the account is closed after 3 years, then 1 percent is deducted.
In this scheme, you can just start with 1,000 rupees and maximum you can invest 15 lakh rupees.
Post Office Monthly Income Scheme Calculator
If you have invested Rs 5 lakh in the post office scheme, then at an interest rate of 7.4 percent, you will get an interest income of Rs 3,083 every month. If calculated in this way, only the interest of the year can make you an income of Rs 36,996.