Monday, December 9, 2019

Invest in a Post Office Monthly Invested Scheme and earn a fixed income every month

Invest in a Post Office Monthly Invested Scheme and earn a fixed income every month

  • Under this scheme a maximum of Rs 9 lakh can be deposited
  • It is getting interest on deposits at an annual rate of 7.6%

If you have the money, you can generate regular income from it. You can open an account under Post Office's monthly investment plan. Not only will your money be safe but you will also get regular income. Under this scheme a maximum of Rs 9 lakh can be deposited. These include paying interest on deposits at an annual rate of 7.6%.

  • What is a scheme?

The Post Office Monthly Investment Scheme provides the account holder with the opportunity to earn income every month. This is a government scheme, where once the money is invested, there is a fixed income every month.
The scheme offers better returns than bank FDs.
Under the plan, you earn a fixed income every month.
At the end of the scheme you get your full deposit back, allowing you to invest in the scheme again and maintain your monthly income.

  • An account can be opened from Rs 1500

This account can be opened with a minimum of Rs 1500. The special thing is that you will get all your money back after the scheme is completed. Also, the scheme can be extended by the same account every 5 years as long as desired. That is, regular income guarantees come from this account.

  • How Much Money Can Be Deposit?

If your account is single, you can deposit up to Rs 4.5 lakh. If you have a joint account, up to a maximum of Rs 9 lakh can be deposited. The maturity period is 5 years. After 5 years you can get your capital back and invest in this scheme again.
This is how to get monthly income
Under the Monthly Investment Scheme, 7.6% of the annual interest is accrued.

Annual interest is divided into 12 months and accordingly you get interest every month.
What if the churning didn't make money?

If you do not make monthly payments, it will remain in your post office savings account and you will be able to earn further interest by associating this amount with the original capital.
What to withdraw before maturity?
If you need to withdraw money before maturity, this facility is available after 1 year of account opening. If you have an old account from 1 year to 3 years, then 2% of the deposit is deducted and the balance is returned to you. If there is an account older than 3 years, 1% will be deducted and the balance will be returned.

  • How will an account be opened?

You can open an account at any post office at your convenience. For this you will have to submit 2 passport size photo, Aadhar card, Water ID, PAN card, ration card, one of the photocopies of driving license. Apart from this, the address proof will have to be submitted.

  • Who can open an account?

Adult or Minor can open an account in the Post Office Monthly Investment Scheme. You can also open an account in your child's name. If the child is under 10 years of age, an account may be opened on his or her name on behalf of his parents or legal guardian. When a child is 10 years old, he or she may also have the right to manage the account itself.

  • No tax exemption benefit

There is no tax rebate on the amount deposited and the interest you receive. However, the Post Office does not deduct any kind of TDS on the income you receive from it.


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