Invest in personal finance / post office monthly income scheme, it will earn good every month

Invest in personal finance / post office monthly income scheme, it will earn good every month

July 7, 2020 Off By Vishnu Mahanand

It is getting 6.6 percent annual interestYou can invest a maximum of Rs 9 lakh in it

New Delhi. If you want to invest your money somewhere where you get good returns and you keep getting monthly income, then you can invest in the monthly saving scheme of the post office. In this, 6.6 percent annual interest is being offered to you. We are telling you about the monthly income scheme.


Special things related to the scheme

  • Under this scheme, accounts can be opened with a minimum of 1000 rupees. The special thing is that after the completion of the scheme you will get all your money back. 
  • Maturity period is 5 years. After 5 years, you can invest your capital in the plan again. That is, you can be guaranteed regular income from this account.
  • If your account is single, you can deposit up to Rs 4.5 lakh. On the other hand, if you have a joint account, a maximum of Rs 9 lakh can be deposited in it.
  • Under the Monthly Investment Scheme, interest is getting 6.6% per annum. The interest accrued annually is divided over 12 months and the amount you receive every month.
  • If you do not withdraw the monthly money, it will remain in your post office savings account and by adding this money along with the principal, you will get further interest.
  • If you need to withdraw money before maturity, this facility is available on completion of 1 year of account. If you have an old account from 1 year to 3 years, you get the remaining amount back by deducting 2% from the amount deposited in it. If an account is more than 3 years old, the remaining amount is refunded after deducting 1%.
  • On completion of the scheme, you get your entire accumulated capital, which you can invest in this scheme again and maintain the monthly income. 


How much return will you get?
If you invest 4.5 lakh rupees under this scheme, then you will get interest of Rs 29700 per annum, ie Rs 2475 per month, according to the 6.6 annual interest rate. At the same time, if you invest 9 lakhs in it under a joint account, then you will get interest of Rs 59,400 annually i.e. Rs 4950 per month.

How to open an account?

  • For this, firstly the savings account has to be opened in the post office.
  • After this, a form has to be filled for the monthly income scheme from the post office.
  • To open an account with the form, submit a check or check for the specified amount. 
  • After this your account will be opened.


Documents required for the account

  • Photocopy of your ID proof will have to be done on the form. 
  • Residential proof must also be photocopied along with the form.
  • Apart from this, photographs of your 2 passport sizes will also be put on the form. 
  • Keep in mind that you should also take the original copy of these documents for verification. 
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