Invest in this amazing scheme on Diwali, and you will earn huge amount every month
Post Office Monthly Saving Scheme: The post office offers savings plans for people of all ages and socioeconomic backgrounds. These ensure the safety of investments and provide outstanding rewards. Among them, the Post Office Monthly Income Scheme is one of the unique programs that provides investors with monthly income. Under such circumstances, this could be a better choice if you want to begin investing this Diwali.
You will get this much Interest Rate
Excellent returns are also being provided by the Post Office’s Monthly Income Scheme. In this arrangement, the government gives interest at a rate of 7.4 percent. This scheme’s most unique feature is that investing in it relieves your monthly income anxiety. This government program has a five-year maturity term, and funds cannot be taken out until a year after the account is started. With merely Rs 1000, you may start an account here.
How much can you invest?
The Post Office Monthly Savings Scheme has a Rs 9 lakh investment cap for account members. However, if we discuss joint accounts, the upper limit has been set at Rs 15 lakh. We would like to inform you that on April 1, 2023, last year, this restriction was raised and put into effect. This is a one-time investment plan that allows you to set up a monthly income guarantee for yourself when you make an investment.
Closing the Scheme will result in a Loss
You have a year from the date of account opening to cancel under this plan. However, there is a two percent fee for closing a Post Office Monthly Income Scheme account before three years and a one percent fee for closing an account after three years but before five years.
Monthly Income Calculation
If we compute the monthly income under this Post Office program, you would get Rs 3,084 each month at an interest rate of 7.4 percent if you deposit Rs 5 lakh for five years. This is because income is guaranteed every month from lump-sum investments. However, if we consider an individual account’s maximum limit of Rs 9 lakh, the monthly income would be Rs 5,550. You may get this interest income on a quarterly, half-yearly, or annual basis in addition to monthly.
It is Easy to Open an Account
It’s incredibly simple to open an account under the Monthly Income Scheme. You may accomplish this by going to the post office that is closest to you and submitting the application there with the required paperwork. The account opening form is available at the post office for applicants to pick up and submit with their PAN card and KYC form. Even joint account holders are required to provide KYC documentation. Meanwhile, remember that you should accurately complete out the form when you establish an account.
