The government has increased the interest on many small savings schemes of the post office from January 1, 2023. Due to this, the National Savings Monthly Income Account is now getting 7.1% annual interest.
Through this scheme, you can arrange an income of Rs 5,500 every month for yourself. We are telling you about this scheme, so that you too can arrange monthly income for yourself by investing in it. Earning 5.5 thousand rupees every month, getting 7.1% annual interest in it. The annual interest is divided into 12 months and you get that amount every month. If you do not withdraw the monthly money, it will remain in your post office savings account and you will get further interest by adding this money along with the principal amount.
Suppose if you invest 4.5 lakh rupees under this scheme, then now you will get interest of 33 thousand rupees annually according to the interest of 7.1% per annum. On the other hand, if you invest 9 lakh in it under joint account, then you will get interest of 66 thousand years. If it is divided equally in 12 months, then you will get a return of Rs 5,500 every month. If the return is not withdrawn, interest is earned on that too.
Investment has to be made for 5 years, its maturity period is 5 years. After 5 years you can reinvest your money in it. That is, on completion of the scheme, your entire deposited capital is returned, which you can reinvest in this scheme and maintain a source of monthly income.
Who can open the account?
This account can also be opened in the name of a minor and joint account in the name of 3 adults. An account can also be opened in the name of a minor above 10 years of age under the supervision of parents.
How can I open an account in this?
- For this, first of all, a savings account has to be opened in the post office.
- After this, a form will have to be filled for National Savings Monthly Income Account from the post office.
- Deposit cash or check for the specified amount along with the form to open the account.
- After this your account will open.