Post officeThere is always a safe option to invest in. Your amount here too Secure Stays and also gets good returns. The post office runs a good scheme. People invest in different schemes according to their needs.
The Monthly Income Scheme is one such government small savings scheme, which gives you a chance to earn every month. By investing in this scheme, you earn a fixed amount every month. Under this scheme you can open a single or joint account and deposit money together.
Earnings are made every month on investment
The amount of earnings comes to your account every month according to the amount deposited in this account. This scheme is valid for 5 years. So its maturity period is 5 years but it can be extended for another 5-5 years.
There is no risk in investing in a Post Office scheme. There is a 100% guarantee of government security on your investment. Any Indian citizen can invest in Post Office Monthly Income Scheme. Next we are going to tell you how to open an account under Post Office MIS scheme and how much you can earn in it.
It is better to invest in this scheme
Investing in a Post Office Monthly Income Scheme is very beneficial for those who want a fixed income every month. This scheme earns a lot of safe money. The scheme is very good for them as they get a lump sum after retirement. In order to invest the amount together, a fixed amount is earned every month. This is a great scheme for those who want to return together every month by investing together instead of investing in installments.
What is the maximum amount that can be invested?
Both single and joint accounts can be opened in this monthly income scheme of the post office. You can invest a maximum of Rs 4.5 lakh in a single account, while you can invest up to a maximum of Rs 9 lakh in a joint account. The joint account can also have 3 adults instead of 2. However, the investment limit is only Rs 9 lakh.
How to open an account?
To open an account under this scheme, it is necessary to have a savings account at the post office. You will need to provide ID proof to open an account. For this you have to give Aadhaar card, voter ID, DL or passport etc. In addition, you will also need 2 passport size photos. For proof of address, there should be ID card, electricity bill, municipal bill, certificate of residence or other proof issued by government department.
The name of the nominee has to be given while filling the form
For these documents, you have to go to the post office and fill up the post office monthly income plan form there. This form can also be downloaded online. And then you can print and fill it. You can open this account by filling out this form and submitting it along with all the documents. When filling out the form, you must also provide the name of the nominee. Initially, when opening an account, Rs.1000 / – will have to be deposited by cash or check.
How will you benefit?
The government has set an annual interest rate of 6.6 per cent for the post office monthly income scheme in the current quarter. Suppose you have deposited Rs. 9 lakhs in Post Office Monthly Income Scheme through Joint Account. Now on this amount.6.6 per cent per annum, the total interest will be Rs.59,400.
If this amount is divided into 12 months of the year, the interest is about Rs. 4950 per month. With a single account you will get Rs 2475 per month as interest on an investment of Rs 4,50,000 lakh.