Post Office Monthly Income Scheme: The scheme is invested for a period of five years and after that you get a profit in the form of interest on the amount deposited every month. One can also deposit in this scheme in the name of minor.
Post Office Monthly Income Scheme: It is considered quite safe to invest in the post office scheme. If you are planning to invest without risk, then you can invest in the post office scheme. Post office monthly income scheme can prove to be a better option for those who want to get less interest but keep the money safe. The special thing is that in this scheme you get many benefits after investing 1 thousand rupees. That is, one can invest in the scheme with an initial amount of Rs 1000. More Read: Aadhaar Latest News: New mobile number in Aadhaar does not give certificate for update, learn UIDAI rules
This scheme is invested for a period of five years and after that you get a profit in the form of interest on the amount deposited every month. Deposits can also be made in this scheme in the name of a minor, but up to Rs 3 lakh can be invested in such an account. However, this scheme is considered more beneficial for retiree employees and the elderly.
An account holder can invest a maximum of Rs 4.5 lakh in this scheme. At the same time, this investment will be Rs 9 lakh on a joint account. Children above the age of 10 years can also invest in this scheme. However, their account has to be handled by the parents only.
Here’s how to open an account: If you have a post office saving account, you can invest in this scheme. You must have an ID proof for this. For example, Aadhar card or PAN card etc. You should also have two passport size photo graphs.