Post Office Scheme is running savings scheme for every age group and class. This scheme guarantees excellent returns as well as security. The special scheme among these is Post Office Monthly Income Scheme. You can create some capital with the help of this scheme. If you invest in this scheme on the occasion of Diwali, it will give you a lot of profit in the coming time. Invest in Post Office scheme this Diwali, you can earn 5000 rupees every month.
Scheme interest rate
The government offers 7.4 percent interest in this scheme. The best thing about this scheme is that by investing in it, you will no longer have to worry about monthly income. Its maturity period is 5 years and the special thing is that you can withdraw money from it after 1 year. You can open an account by spending just ₹ 1000.
How much money will be invested
Account holders investing in Post Office Monthly Income Scheme get an investment limit of up to 9 lakhs. You can invest up to 15 lakh rupees in it. After investing, you get guaranteed returns every month, so that you can live your old age very well.
After opening a bank account in this scheme, you cannot close it for one year. If you close this Monthly Income Scheme of the Post Office before 3 years, then a charge of 2% will be applicable for it. On the other hand, if you close this account after 3 years and before 5 years, then a charge of up to 1% will be levied.
Calculation of income every month
By investing a small amount in this scheme of the post office, you will get a guaranteed income every month. By calculating the monthly income, if you invest ₹500000 for 5 years, you will earn 3084 rupees per month at the rate of interest of 7.4 percent. If you invest up to nine lakh rupees, you will earn 5550 rupees per month.
How to open an account
To open an account under the scheme, you will have to go to the nearest post office. You will have to collect the form from there. After that, you will have to fill in all the information asked in the form and submit it along with the KYC documents and PAN card.
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In case of joint account also, KYC documents of all the account holders have to be submitted. Keep in mind that while filling the form, enter all the information correctly.
How to close the plan
This account cannot be closed for one year after opening it. If you close it before three years, then 2% interest will have to be deducted. If the account is closed between three to five years, then 1% interest is deducted. Those who want to invest for a long period do not need to withdraw in between.