Post Office Savings Schemes: Everybody sets aside a portion of their income and plans to invest it so that, in addition to building up a sizable sum in the future, they can also guarantee a steady income stream after they retire. Let’s proceed. Post Office Savings Schemes are highly popular in this regard. You can receive a consistent monthly income of Rs 9,000 by investing in the Post Office Monthly Income Scheme, which is included in these.
A Safe Investment for All Ages
In India, Post Office Saving Schemes are highly favoured as safe investment options. In addition, there are programmes available for all age groups, so everyone can benefit from them, from young children to the elderly. It is on par with everyone else even in terms of interest. The topic of discussion is the Post Office Monthly Income Scheme (POMIS). Thus, it may turn out to be a fantastic choice. You will receive a set income each month after participating in this system, and your money will be absolutely safe.
High Returns and Flexible Investment Options in Post Office Savings
Not only does the money stay safe in this fantastic Post Office plan, but the interest rate is significantly higher than in banks. This can work out to be a good value if you wish to invest for five years. You can open a single account and deposit as little as Rs 1,000 and as much as Rs 9 lakh in the Post Office Monthly Savings Scheme. Conversely, when you create a joint account, Then, a maximum investment of Rs 15 lakh has been set for this. This implies that a husband and wife’s combined account can hold up to Rs 15 lakh in investments. A joint account can only have three investors.
Steady Monthly Income with Post Office Monthly Income Scheme
You can begin investing in this post office plan if you wish to set up a monthly income for yourself either before or after retirement. In this savings plan, the government now offers annual interest at a rate of 7.4%. The yearly interest on investment under the scheme is paid to you over a period of 12 months, following which you continue to receive this amount each month. If the money is not taken out each month, it will stay in your post office savings account, where it will accrue interest in addition to the principal.
Boost Your Monthly Income with a Joint Account in POMIS
You must now register a joint account if you wish to get a regular income of more than Rs 9,000 per month. Assuming you put in Rs. 15 lakh, Thus, you will receive Rs 1.11 lakh in interest at a rate of 7.4 percent annually. You will now receive Rs 9,250 per month if you divide this interest amount equally throughout the course of the year. On the other hand, if you begin investing by opening a single account, you will receive interest of Rs 66,600 year, or an income of Rs 5,550 per month, on a maximum investment of Rs 9 lakh in this scheme.
Open Your POMIS Account with Ease
Opening an account for the Post Office Monthly Income Scheme is just as simple as it is for the other Post Office savings plans. To open this account, go to the post office that is closest to you. To initiate this, all you need to do is complete the National Savings Monthly Income Account form and submit it with the required amount of cash or cheque to start the account. You need both an Aadhar card and a PAN card in order to open an account under this plan.
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