Tuesday, June 28, 2022
HomeFinanceMonthly Income Scheme of Post Office, know how interest is calculated

Monthly Income Scheme of Post Office, know how interest is calculated

Post Office Monthly Income Scheme: The special thing about this scheme is that under this you will get a return in the form of interest every month, which you can re-invest in another scheme.




Post Office Monthly Income Scheme: If you want to make a safe investment, then the government scheme is the best option. You can look into the Post Office Monthly Income Scheme for investment. Here you get more returns than fixed deposits, but there is definitely some risk in this scheme, because it is linked to equity. In this scheme, you get monthly returns in the form of interest. The special thing about this scheme is that under this you will get a return in the form of interest every month, which you can re-invest in another scheme.Also Read: LPG Latest News: Now taking LPG gas premature delivery will attract a charge of Rs 50, know the details here

How is interest calculated?

In the Monthly Income Scheme of the Post Office, the rate of interest is calculated very easily. You can also invest the interest earned on the Post Office Monthly Income Scheme in any other scheme. Let us know how the interest is calculated in this scheme…

Post Office Monthly Income Interest = Amount invested * Annual interest rate / 12

Now let’s understand this with an example, a person named Akash invested Rs 4.5 lakh in lump sum in Post Office Monthly Income Scheme and suppose that at present the interest on this scheme is 6.60 percent. So the interest earned every month will be – 2475, how? Get it here…Also Read: LIC Pension Policy: New jeevan shanti policy lifetime pension in one investment lic policy, know here details

4,50,000*(0.066/12) = Rs.2475 (monthly interest)

According to this formula, Akash will get an interest of Rs 2475 in a month. Now the maturity of this scheme is of 5 years, then in 60 months Akash can earn interest of Rs 1,48,500. In this scheme, investors make a lump sum investment and the investment is made for 5 years.

Benefits of investing in this scheme

>> You will get a fixed income every month by investing in this scheme

>> Being a government scheme, the risk in this scheme is very less.

>> 5 years can be invested in this scheme and the investor can also extend the period if he wants.

>> People above the age of 10 years can invest in the scheme

>> One can invest a minimum of Rs 1,500 and a maximum of Rs 4.5 lakh in this scheme.

>> Pre-maturity withdrawal facility, although there is a separate fee for this

>> This scheme can be transferred from one post to another post office at any time.

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