Post office monthly income account: There are many people after retirement, who are looking for a scheme where they will receive a fixed amount every month by investing once. Satish, who works in a private company, is also in him and is finding out a better option. After consulting a financial advisor, he came to know about the Small Savings Scheme Monthly Income Scheme (POMIS) of the Post Office. With attractive interest rates, the post office monthly income account is a safe investment option, which can become a source of regular income for anyone.
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Interest rate 7.4 percent annually
The current interest rate on the post office monthly income Akant is 7.4 percent annually. In this, 9 lakhs can be deposited through single account and maximum Rs 15 lakh through jewelery account. The monthly income account of the post office is a small savings scheme supported by the government, where guaranteed returns are received. If there is a post office plan, then 100 percent security is guaranteed. It also has the facility to open a joint account along with a single account.
Eligibility: Who can open an account
(i) Single account in the name of Adult
(ii) Joint account (maximum 3 adults together) (Joint A or Joint B)
(iii) Can open his guardian account in the name of Minor
(iv) If there is a 10 -year minor, then in his name
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Pomis: Deposit Rules
(i) To open this account, investment is required at least Rs 1000, after which it can be deposited in multiple Rs 1000.
(ii) A maximum of Rs 9 lakh can be deposited in a single account and a maximum of Rs 15 lakh in a joint account.
(iii) Every holder’s equal share in investment in joint account
Interest: How to join this scheme interest
This small savings scheme is getting 7.4 percent annually. Whatever annual interest is on the money deposited in it, it is divided into 12 parts, and it will come to your account every month. If you do not withdraw monthly money, then it will remain in your post office savings account and you will get further interest by adding this money along with the principal. The maturity of this scheme is 5 years, but after 5 years, you can carry it forward according to the new interest rate.
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Monthly Income: How much money will come every month
Interest Rate: 7.4 percent annually
Maximum investment from Joint Account: Rs 15 lakh
Annual interest: Rs 1,11,000
Monthly interest: 9250 rupees
If you have a single account
Interest Rate: 7.4 percent annually
Maximum investment from Joint Account: Rs 9 lakh
Annual interest: Rs 66,600
Monthly interest: Rs 5550
MIS: You can increase the scheme even after maturity
The maturity of the monthly income scheme is 5 years, but after 5 years, you can carry it forward according to the new interest rate. Under the scheme, you are getting better returns than bank FD. At the same time, after 5 years, if you do not have to remain in the plan, then your deposit will be returned.
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On shutting down premature scheme
(i) No deposit can be withdrawn before the date of deposit is over 1 year.
(ii) If the scheme is closed after 1 year from the date of opening and the scheme will be cut from the principal and the remaining amount will be paid.
(iii) If the scheme is closed after 3 years from the date of opening and before 5 years, then the value will be cut equal to 1 percent from the principal and the remaining amount will be paid.
(iv) The account can be closed ahead of time by submitting the prescribed application form with the passbook in the concerned post office.
(Source: India Post, Calculator)