Everyone saves some part of their earnings and makes a plan to invest it in such a place that not only a huge fund can be accumulated in the future, but also a regular income can be arranged after retirement. In this respect, Post Office Saving Schemes are very popular. By investing in the Post Office Monthly Income Scheme included in these, you can get a regular income of Rs 9,000 every month.
Post office schemes ahead in terms of safe investment
In terms of safe investment, Post Office Saving Schemes are very much liked in India. Along with this, there are schemes available for every age group i.e. from children to the elderly, one can avail of the benefits of these schemes. Even in terms of interest, it is no less than anyone. Now if we talk about the Post Office Monthly Income Scheme (POMIS), it can prove to be a great option. After investing in this scheme, you will get a fixed income every month, and your money will also be completely safe.
Will have to invest for 5 years
In this wonderful scheme of the Post Office, not only the money remains safe, but the interest is also higher than that of banks. If you want to invest for 5 years then this can prove to be a profitable deal. You can invest a minimum of Rs 1,000 and a maximum of Rs 9 lakh in the Post Office Monthly Savings Scheme through a single account. Whereas if you open a joint account, then the maximum investment limit in it has been fixed at Rs 15 lakh. That means both husband and wife together can invest up to Rs 15 lakh in a joint account. A maximum of three people can invest in a joint account.
You get so much interest on investment
If you want to arrange monthly income for yourself after or before retirement, then you can start investing in this scheme of the post office. The government is currently giving annual interest at the rate of 7.4 percent in this savings scheme. Under the scheme, this annual interest received on investment is distributed over 12 months and after this, you keep getting this amount every month. If you do not withdraw the money monthly, it will remain in your post office savings account and you will get further interest by adding this money along with the principal amount.
This way you will get more than Rs 9000 every month
Now if you want a regular income of more than Rs 9,000 every month, then for this you will have to open a joint account. Suppose you invest Rs 15 lakh in it, then the amount of interest you will get at the rate of 7.4 percent per annum will be Rs 1.11 lakh. Now if you divide this interest amount equally in 12 months of the year, you will get Rs 9,250 every month. Whereas if you start investing by opening a single account, then on a maximum investment of Rs 9 lakh in this scheme, you will get Rs 66,600 annually as interest, i.e. an income of Rs 5,550 every month.
Where can a POMIS account be opened?
Like other saving schemes of the Post Office, opening an account in the Post Office Monthly Income Scheme is also very easy. You can open this account by visiting your nearest post office. For this, you just have to fill out a form for the National Savings Monthly Income Account and along with the filled form, you will have to deposit the prescribed amount through cash or check to open the account. To open an account in this scheme, you must have a PAN Card and an Aadhaar Card.
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