Post Office Scheme: Everyone sets aside a portion of their salary and plans to invest it so that, in addition to building up a sizable sum in the future, a steady income can be secured for when they retire. Post Office Savings Schemes are highly popular in this regard. You can receive a consistent monthly income of Rs 9,000 by investing in the Post Office Monthly Income Scheme, which is included in these.
Post Office Monthly Income Scheme, Safe Investment for All Ages
In India, Post Office Saving Schemes are highly favoured as safe investment options. In addition, there are programmes available for all age groups, so everyone can benefit from them, from young children to the elderly. It is on par with everyone else even in terms of interest. Now, the Post Office Monthly Income Scheme (POMIS) presents itself as a potentially excellent choice. You will receive a set income each month after participating in this system, and your money will be absolutely safe.
Post Office Monthly Savings Scheme Explained
Not only does the money stay safe in this fantastic Post Office plan, but the interest rate is significantly higher than in banks. This can work out to be a good value if you wish to invest for five years. With a single account, you can contribute to the Post Office Monthly Savings Scheme with a minimum of Rs 1,000 and a maximum of Rs 9 lakh. On the other hand, the maximum amount you can invest in a joint account that you open is Rs 15 lakh. This implies that a husband and wife can open a joint account and invest up to Rs 15 lakh together. A joint account can only have three investors.
How the Post Office Monthly Income Scheme Works
You can begin investing in this post office plan if you wish to set up a monthly income for yourself either before or after retirement. In this savings plan, the government now offers annual interest at a rate of 7.4%. The yearly interest on investment under the scheme is paid to you over a period of 12 months, following which you continue to receive this amount each month. If the money is not taken out each month, it will stay in your post office savings account, where it will accrue interest in addition to the principal.
The Advantages of a Joint Account in POMIS
You must now register a joint account if you wish to get a regular income of more than Rs 9,000 per month. If you were to invest Rs 15 lakh in it, you would receive Rs 1.11 lakh in interest at a rate of 7.4% annually. You will now receive Rs 9,250 per month if you divide this interest amount equally throughout the course of the year. On the other hand, if you begin investing by opening a single account, you will receive interest of Rs 66,600 year, or an income of Rs 5,550 per month, on a maximum investment of Rs 9 lakh in this scheme.
Easy Steps to Open a Post Office Monthly Income Scheme Account
Opening an account for the Post Office Monthly Income Scheme is just as simple as it is for the other Post Office savings plans. To open this account, go to the post office that is closest to you. To initiate this, all you need to do is complete the National Savings Monthly Income Account form and submit it with the required amount of cash or cheque to start the account. You need both an Aadhar card and a PAN card in order to open an account under this plan.