POST OFFICE SAVING SCHEME: In today’s time, every person wants to get a fixed income every month, which will reduce his financial worries.
Keeping this need in mind, the Indian Post Office has launched the ‘Post Office Monthly Income Scheme’. This scheme not only keeps your money safe but also provides you with a fixed amount every month.
A safe investment, better interest rate
The biggest feature of this scheme is its security and better interest rate. From July 1, 2023, the government has increased the interest rate on this scheme to 7.4%.
That is, if you invest ₹ 5 lakh, you will get a guaranteed income of ₹ 3,084 every month. Not only this but by investing up to a maximum of ₹ 9 lakh in an individual account, your monthly income can be up to ₹ 5,500.
The benefit of joint account
If you and your spouse want to invest together, then this scheme is even more beneficial for you. The investment limit in a joint account has been increased to ₹15 lakh. This means that both of you can invest more together, which will also increase your monthly income.
Easy start, long term
Another feature of this scheme is that you can start with just ₹1,000. The duration of the scheme is 5 years, but you can extend it for another 5 years. That is, your money will be safe for 10 years and you will continue to get income every month.
Rules on premature withdrawal
However, if you want to withdraw money before 1 year, it is not possible. There will be a deduction of 2% on withdrawals between 1 to 3 years and 1% on closing the account before 3 years. This rule encourages you to invest for a long time.
The Post Office Monthly Income Scheme is a great means of financial security and regular income. It not only keeps your money safe but also gives you a fixed amount every month.
Whether you invest alone or with your spouse, this scheme will help reduce your financial worries. So, if you are looking for a safe and profitable investment option, the Post Office Monthly Income Scheme can be a great option for you.
