Investing in Post Office Schemes is considered the safest. Because of this, a large number of people have invested in post office schemes. The post office runs savings schemes for every citizen of the country and many of them are quite popular too. If you are planning for retirement then you can invest in the Monthly Income Scheme of the Post Office. This is a small saving scheme. You can get a fixed amount every month by investing in it
Investment amount safe
The Monthly Income Scheme of the Post Office is a type of pension scheme. In this you have to invest a lump sum amount. After this, you can arrange a fixed amount for yourself every month. Suppose you retire from your 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 pension. Also, your investment amount will remain safe as it is.
How much interest do you get?
The Monthly Income Scheme of the Post Office is for five years. However, if you want, you can extend this further for another five years. Once the scheme is completed, you will get your invested amount back. The monthly income scheme is currently getting an annual interest of 6.6 percent. This scheme matures in five years. After this you will start getting money every month. The maximum investment that can be made in this scheme is Rs 4.5 lakh.
You can also open a joint account under this scheme. Then you will be able to invest in this scheme up to Rs 9 lakh. You can open your account under this scheme for 1000 rupees.\
Five thousand month earnings
If you invest Rs 4.5 lakh under this scheme, you will get Rs 29,700 in five years at an interest rate of 6.6 per cent per annum. If you want, you can take this amount every month. In such a situation, you will earn Rs 2475 every month. If you invest Rs 9 lakh in a joint account, the interest amount will be Rs 59,400 in five years. If you want to take this amount every month, then you will earn Rs 4950 per month.
How to invest
If you invest in this scheme, then 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 Monthly Income Scheme. For this it is not necessary to have a savings account in the post office. Any person of 18 years of age or above can take advantage of this scheme.