By investing in the monthly income scheme of the post office, you can make arrangements for earning for yourself every month. Recently, the government has increased the interest rates of this scheme. Monthly Income Scheme is a small saving scheme.
Post Office runs many types of Small Saving Schemes. Investment in its schemes is considered safe. Because of this, a large number of people have invested in post office schemes. Many post office schemes are quite popular. One of these is the Monthly Income Scheme. If you are planning for retirement, then you can invest in this post office scheme.
Lump sum investment
Monthly Income Scheme is a small saving scheme. By investing in it, you can get a fixed amount every month. This is a kind of pension scheme. In this you have to invest money once. After this, you can arrange a fixed amount for yourself every month. Suppose you retire from the job. If you invest a part of the amount received during retirement in this scheme, then you can get a fixed amount every month like a pension. Also, your investment amount will be kept safe.
Government has increased the interest rate
You can invest in the post office monthly income scheme for five years. However, if you wish, you can extend this further for five years. Once the scheme matures, you will get back your invested amount. The government has announced an increase in the interest received on the monthly income scheme. In this scheme from January 1, interest will be given at the rate of 7.1 percent on the amount invested.
How much can invest?
This scheme matures in five years. After this you will start getting money every month. A maximum of Rs 4.5 lakh can be invested in this scheme. A maximum of Rs 4.5 lakh can be invested in this scheme. You can also open a joint account under this scheme. Then you will be able to invest this scheme up to Rs 9 lakh. You can open your account under this scheme for 1000 rupees.
Disadvantages of withdrawing money before maturity
If you invest in this scheme, you cannot withdraw the amount before one year. Also, if you withdraw the investment amount before the maturity of the scheme, you will get it back after deducting one percent of the principal amount. You can invest in any post office under the monthly income scheme. For this it is not necessary to have a savings account in the post office. Any person of 18 years or above can take advantage of this scheme.