Post Office Pension Scheme: Investors in post office schemes might be anyone. These are made with people in the poor to upper classes in mind. They provide strong profits and are secure because they are owned by the government. Post office services are available to you even if you are concerned about having a steady income after retirement. By participating in Post’s scheme, you can invest and get a substantial monthly income.
Joint Account Option
This account can be opened jointly with your spouse. For this, the Post Office offers a unique programme called the Post Office Monthly Income Scheme. You can invest once and receive a pension each month from this. This sum is yours only as interest on the deposit amount. This entitles you to a monthly pension of Rs. 9,250. You can invest up to Rs 9 lakh if you are the only investor in this scheme. However, you can invest a total of Rs 15 lakh if you open a joint account with your spouse. Presently, investors are receiving 7.4% interest on their investment.
Monthly Pension from Interest
The annual interest of Rs. 11,000 would be paid if you and your spouse invest money in a joint account. In this way, you will receive a pension of Rs. 9250 each month from interest alone. Your money is safe with the post office except from this. Following the maturity time, you can also withdraw the principle amount. You have the option to renew the programme for an additional five years. It is important to note that if you open this account with three persons, each of them will receive the same amount.