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Home CURRENT AFFAIRS BUSINESS How to Get Rs 9000 Monthly Income through Post Office Savings Scheme,...

How to Get Rs 9000 Monthly Income through Post Office Savings Scheme, Know Here

Learn how the Post Office Savings Scheme can help you achieve a consistent monthly income of Rs 9,000.

Post Office Savings Scheme

Post Office Savings Schemes (POSS) are specifically designed to offer investors of all income levels financial protection. These government-sponsored programmes provide both attractive profits and security. A wise move if you’re worried about providing a steady income in retirement would be to look into Post Office Savings Schemes.

Guaranteed Monthly Income

By making investments in these plans, you can guarantee a consistent monthly income after you’re retired. Additionally, you can enhance the benefits of these plans by opening a joint account with your spouse. One such example is the Post Office Monthly Income Scheme (POMIS), which ensures retirement benefits on a monthly basis.

Investment and Monthly Returns

With POMIS, you make a single investment that is repaid each month based on the interest your original deposit earned. For example, if you deposit Rs 9 lakh each time, you will get paid Rs 9,250 per month. To get the same monthly payout, you can invest a total of Rs 15 lakh if you choose to open a joint account with your spouse. Payouts can begin as soon as one month following your initial deposit, and this scheme now offers an annual return rate of 7.4 percent.

Key benefits of the Post Office Monthly Income Scheme

  • Dependable monthly yields.
  • Greater interest rates in comparison to Fixed Deposits (FDs), another type of fixed income alternative.
  • The scheme starts at just Rs 1,000 for a modest initial investment.
  • Following the five-year lock-in term, the corpus can be reinvested.

Increased Earnings with a Joint Account

You would receive interest of Rs 1,11,000 if you choose to open a joint account with your spouse and invest Rs 15 lakh each year. As a result, you will be paid Rs 9,250 every month based just on the interest that has accumulated. You can also withdraw your principal amount upon maturity, and your investment is secured by the Post Office.

Flexible Maturity Period

The Post Office MIS plan has a five-year maturity period, but you can choose to extend it to fifteen years if you’d like. Interestingly, you can form a joint account and choose up to three beneficiaries, with the money split equally between them. In addition, the plan offers an early closure option that lets you take your money out of the account one year after it’s opened. However, there will be a 2 percent penalty on the deposited amount if you choose to take the money out during the first three years. You can take your money out with just a 1 percent deduction after three years.

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