Post Office New Scheme : Are you on the search for a secure and potentially lucrative option to make money right from the comfort of your own home? Look no further than the Post Office’s Monthly Income Scheme, which can offer you a reliable source of earnings.
This scheme provides a guaranteed income, and you can open a joint account with your spouse to reap its benefits.
Post Office New Scheme : Overview
| Scheme Name | Post Office’s Monthly Income Scheme |
| Benefits | 7.4 % Compound Intrest |
| How to Apply | Offline |
| Official Website | www.indiapost.gov.in |
| Launched by | Indian Post Office |
| who can apply | Eligible People |
Revealing the Scheme
With this account, you kickstart your monthly income through interest payments. It’s noteworthy that you have the flexibility to open both single and joint accounts under this scheme. The current annual interest rate for the Post Office Monthly Income Scheme stands at a noteworthy 7.4 percent.
Investment Limits
Under a single account, you can invest up to Rs 9 lakh, whereas, in a joint account, which includes both husband and wife, you can invest up to Rs 15 lakh. Upon maturity, you have the option to either withdraw the principal amount or extend the investment for another 5 years. Opting for the extension means you’ll continue to receive interest payments, which will serve as your monthly earnings.
Earning Potential
Let’s illustrate this with an example: Imagine a husband and wife jointly invest Rs 15 lakh in this scheme. At an annual interest rate of 7.4 percent, they would earn an annual interest of Rs 1,11,000. Spread over 12 months, this amounts to a monthly interest income of Rs 9250. Keep in mind that you can also open an account in this scheme with up to three people, with the interest earned being divided equally among all account holders.
Early Withdrawals
Regarding premature withdrawals, the maturity period for the MIS scheme is 5 years. However, you do have the option for premature closure. If you withdraw the money between one to three years from the date of deposit, a 2 percent deduction will apply to the withdrawal amount. After three years, the deduction decreases to 1 percent.
A Stream of Monthly Income
Once the account is set up, you’ll start receiving a substantial monthly income solely from interest. We’re talking about the post office’s monthly income scheme here. By making a lump-sum investment, you can secure a monthly payout of Rs 9250 upon maturity. Notably, this amount will be paid separately to both spouses. You have the flexibility to open either single or joint accounts under this scheme.
Attractive Annual Interest
For a single account, you can invest up to Rs 9 lakh in the Post Office Monthly Income Scheme. In contrast, a joint account, shared by a husband and wife, can hold investments of up to Rs 15 lakh. Currently, this scheme offers an annual interest rate of 7.4 percent. If you wish, you can choose to withdraw the entire principal amount after the maturity period or extend it for additional 5-year terms. Throughout this period, you’ll continue to receive a monthly interest payment, effectively serving as your monthly income.
Conclusion
The Post Office Monthly Income Scheme presents a secure avenue for a consistent monthly income, making it an appealing choice for those seeking to invest and generate earnings without stepping outside their homes.
Invest Smart, Earn Comfortably!