Post Office Scheme- If you have recently got married and want a secure and stable source of income for the future, then Post Office Monthly Income Scheme can prove to be a good option. It is a government-backed scheme, in which the investment gets fixed interest every month and the risk is very low.
Investment limit increases with joint account.
One feature of this post office scheme is that a joint account can be opened in it, in which both husband and wife have equal shares.
The investment limit in a single account is ₹ 9 lakh, while in a joint account this limit increases to ₹ 15 lakh. If you want to earn more interest, it would be better to open a joint account.
Fixed income every month: How much interest will you get?
From January 1, 2025, POMIS is earning 7.4% annual interest, which is credited to the account every month. For example, if a newly married couple opens a joint account and invests ₹ 12 lakh, they will get an annual interest of ₹ 88,800. This means there will be a guaranteed income of about ₹ 7,400 every month.
In this scheme, two or three people can open a joint account together and the interest is divided equally among all the account holders. Also, if required, the joint account can be converted into a single and one account into a joint account. But, for this, the joint consent of all the account holders is necessary.
Maturity and Pre-Premature Closure Facility
The maturity period of POMIS is 5 years. After this period, the account can be closed and the entire principal amount is returned. If the account is closed before this, a penalty may be charged. If the account is closed between 1 and 3 years, a penalty of 2% of the principal amount is deducted and if the account is closed between 3 and 5 years, a penalty of 1% of the principal amount is deducted.
If an investor has invested ₹ 12 lakh in POMIS and closes the account after 1 year, then a penalty of 2% will have to be paid on closure between 1 and 3 years. That is, ₹ 24,000 will be deducted and a total of ₹ 11,76,000 will be returned. On the other hand, if the account is closed between 3 and 5 years, the penalty will be 1% i.e. ₹ 12,000 and the investor will get ₹ 11,88,000. This account cannot be closed before 1 year.
Minors and senior citizens can also avail the benefits.
Under this scheme, an account can also be opened in the name of minors, whose investment limit is considered different from that of their guardians. With this, a secure future plan can also be made for children.
Since this scheme is backed by the government, the risk is almost negligible. This means that not only will your principal be safe, but you will also get regular income through fixed interest. The monthly interest can be automatically deposited through ECS or in a post office savings account.
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