Post office scheme are a great alternative for investing which offers a secure return on your investment while keeping your funds secure. If you are looking to put your money into a plan that pays a set monthly amount, you could invest in the Post Office Monthly Income Scheme.
What is Post Office Monthly Income Scheme?
If you invest with the monthly earnings plan of the postal office, you will earn excellent interest rates when compared to other banks. Furthermore, by investing in the scheme once you will earn a month-long income of interest each month. Under this scheme, you are able to withdraw the money you have invested at the time of maturity and invest it again. You can invest as much as 15 lakhs rupees.
Who is eligible to invest in this post office scheme?
Under this scheme, any person who is 8 years old or older is eligible to participate in this scheme. It is possible to invest at any post office under the income-based monthly scheme. In order to do this, it’s not required to have an account with a savings bank at the postal office.
What is the maximum amount you can be invested?
You can buy into this plan for as little as Rs. This plan lasts to last for five years. After that, you’ll begin receiving money each month. The money cannot be withdrawn prior to one year. If you take the amount of investment prior to the date of maturity, then you receive only one percent of that investment after subtracting it.
You will receive nine thousand rupees each month.
If you invest 15 lakh rupees into this scheme, you’ll earn an amount that is 8,875 rupees i.e. 9000 rupees per month. This means you’ll receive 6.6 percent interest.
What types of documents are required?
- You can complete this form by visiting your local post office, or by downloading it online.
- Aadhar Card or Passport
- Size of photo for passport
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