If you are thinking of investing in a scheme, then you can invest in the Post Office Monthly Income Scheme. This scheme is being run by the government. This scheme is also called Small Savings Scheme.
In this scheme, you get a monthly profit. If you want, you can also withdraw money from this scheme every month. In this scheme, you can invest a minimum of Rs 1000 and a maximum of Rs 900000 in a single account, while if there is a joint account, then an investment of Rs 1500000 is allowed.
How much interest is received
If you open an account under this scheme, then you get an interest of 7.4% annually. If you deposit Rs 100000 in a year, then you will get a benefit of Rs 7400 annually as interest. In this scheme, you get compound interest. It takes 5 years for this scheme to mature. Once this scheme matures, the entire amount is deposited in your account along with interest.
How to open an account
If you want to open an account under the Post Office Monthly Income Scheme, you will have to go to your nearest post office and fill out the application form. The form will be attached with the documents and deposited in the post office.
Under this scheme, you can open a single or joint account. If the account holder dies before maturity, the account is closed and the entire amount is given to the nominee along with interest. To know more watch the video.