Post Office Monthly Income Scheme: The government has not changed the rates of small savings schemes in the second consecutive quarter of the financial year, giving relief to the common citizens. This new order of the government will be applicable on 30 September. In such a situation, if you are thinking of investment, then there is such a scheme of Post Office in which once you invest, you get paid every month. What will be the benefit of this scheme, how much will be the interest rate and can you start this scheme in the name of your children, let us know the answer to every question related to the Post Office Monthly Income Scheme.
You can start with as little as Rs.
The most important thing about this scheme is that it can be started with just Rs 1,000. An individual can invest a maximum of Rs 4.5 lakh in this scheme. At the same time, if you open a joint account, then there is a maximum investment exemption of Rs 9 lakh.
How much interest will you get
Whenever a person thinks of investing money in any scheme, first of all he checks the interest rate. At present, an interest rate of 6.6 percent is being available on the Post Office Monthly Income Scheme. If you do not withdraw the interest earned every month, then you will not get additional interest on the interest. Also, while investing in this scheme, it should also be kept in mind that the interest earned from this scheme is subject to tax.
Maturity
This scheme is open for five years. But with certain conditions it can be closed after 1 year. If a person closes this scheme after 1 year and before 3 years, then 2% of the principal amount is deducted and returned. But if someone closes his account between three years to five years, then he is paid after deducting 1% from the principal amount. But if the investor dies suddenly, the money is given to the nominee. Therefore, while opening this account, definitely write your nominee.
Who can open account
There are many conditions for opening this account. Like a person should be a citizen of India. No foreign person can take advantage of this scheme. Apart from this, the age of the person should be more than 10 years.
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