Nowadays, post office schemes are considered to be very good for investing in small savings. Bank deposit schemes are not getting much interest at present. Then the post office is a scheme in which you can get a good return by investing money. Now the Postal Department has done a very good modeling of the post office. Post office business is now online. Simultaneously, the Postal Department has launched banking services in the name of India Post Office Payments Bank. Investing in a post office is completely safe. There is a 100% government guarantee on the money deposited in the post office. Today we are going to show you a post office plan in which you can get regular income every month after investing.
The name of this post office scheme is Monthly Income Scheme. In which account can be opened both single and joint. This plan is a good plan for senior citizens and retired employees.
Under this post office scheme, a minimum of Rs.1000 has to be deposited in a single account. As well as a maximum investment of Rs 4.5 lakh can be made. A maximum of Rs 9 lakh can then be invested in a joint account.
Under this post office scheme, two or three people can open a joint account together. They can then divide the income in this account equally with each other.
A single account opened under a monthly income scheme can be easily converted into a joint and a joint account into a single. All members have to submit an application to make any changes to the account.
To open an account at the Post Office under the Monthly Income Scheme, the first step is to open a savings account at a nearby branch of the Post Office. This also requires ID proof, residential proof and other documents. The name of the nominee is required to open this account.
The maturity period of Post Office Monthly Income Scheme is 5 years. But you can reduce it and withdraw money even 1 year ago. Withdrawals 1 year and 3 years ago are reduced by 2%. Withdrawal after 3 years is reduced by 1% of the amount deposited in the account.
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