Curated By: Business Desk
Last Updated: October 27, 2023, 17:54 IST
You can begin with a minimal preliminary funding of simply Rs 1,000.
The Post Office Monthly Income Scheme offers an curiosity of as much as 7.4 % each year and may help construct a large corpus for monthly income after retirement.
Post Office Savings Schemes (POSS) have been designed with a spotlight to offer monetary advantages to traders throughout totally different income teams. These schemes are safe and supply good returns as they’re backed by the federal government. If you’re involved about common income after retirement, Post Office Savings Schemes might be a greater choice.
You can spend money on Post Office schemes and earn a good income every month after retirement. In addition, you possibly can open an account collectively along with your partner. The Post Office Monthly Income Scheme (POMIS) offers payouts after retirement.
Under this scheme, you possibly can make investments as soon as and obtain a monthly payout, which is solely based mostly on the curiosity earned on the deposited quantity. You can obtain a payout of Rs 9,250 per 30 days by investing Rs 9 lakh individually. However, in the event you open a joint account along with your partner, you possibly can make investments a complete of Rs 15 lakh to get the identical quantity monthly. Currently, the scheme offers an annual rate of interest of 7.4 %. The payout might be obtained after one month from making the primary funding.
Benefits of Post Office Monthly Income Scheme
● Assured returns each month.
● Higher rate of interest than different mounted income sources like Fixed Deposits (FDs).
● You can begin with a minimal preliminary funding of simply Rs 1,000.
● The corpus might be reinvested after the lock-in interval of 5 years.
Calculation of retirement income by way of Post Office Monthly Income Scheme
If you have got a joint account along with your partner and make investments Rs 15 lakh each year, the curiosity quantity can be Rs 1,11,000. You will obtain a payout of Rs 9,250 per 30 days, which is predicated solely on the curiosity earned. Additionally, your cash can be protected with the Post Office, and after the maturity interval, you can too withdraw the principal quantity.
Post Office Monthly Income Scheme Maturity?
The maturity interval of the Post Office MIS scheme is 5 years. You can lengthen the scheme from 5 to fifteen years relying in your choice. Moreover, it’s price noting you could open a joint account with three people as beneficiaries, and the cash can be distributed equally amongst them.
Furthermore, additionally, you will have a untimely closure choice. You can withdraw the cash one yr after opening the account. However, in the event you withdraw the cash between one and three years, you’ll have to incur a 2 % penalty on the deposited quantity. After three years, you’ll obtain the cash with a 1 % deduction.
