Post office Savings: Guaranteed income of Rs.4,950 per month..!

Post office Savings Schemes offer stable, guaranteed returns. Investors will get tangible benefits.

Savings plan with monthly income:
One of the small savings schemes developed by the Post office is the Monthly Income Scheme. The accountant can invest Rs.1000 and above. A single account holder can invest a maximum of Rs.4.50 lakhs and in the case of joint accounts Rs.9.50 lakhs. If you are an individual account holder, you can invest Rs 4.50 lakh in the monthly income plan and earn Rs 29,700 per year as interest. This amount can be spread over 12 months. In the case of a joint account, you can invest up to Rs.9 lakh. When you invest like that, you get an interest of Rs.59,400 per annum. If you divide this into 12 months and convert it into monthly income, you will get Rs.4,950.
How to earn interest:

Interest is calculated at the end of every month from the day the account is opened and paid till maturity. Interest accrued each month is not compounded. If the account holder has invested more than the amount specified in the scheme, the money will be returned to the depositor. Or, credited to postal Savings Account. Only the interest rate on the money deposited will be taken into account.
Anyone can join the program:

Any adult can join the Individual Monthly Income Plan. 3 people are required to open a joint account. To start on children's names, a guardian, or parent's signature is required. Children above 10 years of age can open an account in their own name.

To which interest will be credited:

Interest on the money invested is credited monthly to the account holder's savings account wherever the postal savings account is opened. If there is a savings account in the post office where the investment was made, the account will be credited.

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post office scheme

Sowmiya Sriram

10/01/2023 07:42 PM