Curated By: Business Desk
Last Updated: October 25, 2023, 13:08 IST
Investors are incomes a 7.4 per cent rate of interest on this scheme at current.
The Post Office Monthly Income Scheme matures after 5 years, however it presents an possibility for untimely closure.
Post workplace schemes are accessible to people from varied socioeconomic backgrounds. These schemes are authorities-owned, guaranteeing their security and offering enticing returns. If you’re involved about securing a gradual revenue after retirement, the publish workplace presents an answer. You can generate a dependable month-to-month revenue by taking part of their schemes. It’s even potential to open this account collectively together with your partner. The Post Office offers a specialised program for this objective, often known as the Post Office Monthly Income Scheme.
This scheme means that you can make a one-time funding and obtain a month-to-month pension, with the quantity being derived solely from the curiosity in your deposited sum. Under this plan, you may obtain a month-to-month pension of Rs 9,250. If you go for a person funding, the utmost quantity you may make investments is Rs 9 lakh. If you select to open a joint account together with your partner, the overall funding restrict will increase to Rs 15 lakh. Presently, traders are incomes a 7.4 per cent rate of interest on this scheme.
In the situation the place you may put money into a joint account together with your spouse, the annual curiosity on the Rs 15 lakh funding shall be Rs 1,11,000. Consequently, each month, you’ll obtain a pension of Rs 9,250, which is derived solely from the curiosity earned. Notably, your preliminary funding stays safe with the publish workplace, and you’ve got the choice to withdraw the principal quantity after the maturity interval. You can select to increase the scheme for an extra 5 years if you want. It’s essential to notice that this account can be opened with three people. In such a case, the returns can be distributed equally amongst all three account holders.
The Post Office Monthly Income Scheme matures after 5 years, however it presents an possibility for untimely closure. You could make a withdrawal after only one 12 months from the date of deposit. If you select to withdraw funds between one to 3 years, there shall be a 2 per cent deduction from the deposited quantity. If you determine to withdraw after three years, the deduction reduces to 1 per cent.
