This Post Office scheme will give you regular income, you can start with only RS 1000
By Lokmat English Desk | Published: July 5, 2021 02:51 PM2021-07-05T14:51:51+5:302021-07-05T14:51:51+5:30
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The government has decided not to change the rates of small savings schemes for the second consecutive quarter of the financial year to provide relief to the common man. The government's order will remain in force till September 30.
In this case, if you are thinking of investing, Post Office has a scheme in which once you invest, you get a certain amount every month.
What are the benefits of this scheme, what is the interest rate and can you start a scheme in the name of your children ?, let's find out the answers to every question related to this Post Office Monthly Income Scheme.
You can start this scheme by investing a minimum of Rs.1000. A person can invest a maximum of Rs 4.5 lakh in it.
But if you start a joint account in this scheme, you can invest up to Rs 9 lakh in it.
When a person is preparing to invest money in a scheme, then first of all, that person checks the information about how much interest he will get. Checks information on how much interest will be earned.
The Post Office's monthly investment scheme offers customers an interest rate of 6.6 per cent. If you do not deduct the interest you receive each month, you will not receive additional interest on that interest.
One thing to keep in mind when investing in this. The interest earned from investing in this scheme is taxable.
This scheme is started for five years. But with certain conditions, the scheme can be discontinued within a year. If a person discontinues the scheme after one year and before 3 years, the 2% amount will be deducted from the principal amount.
If a person closes his account between three and five years, one per cent is deducted from the principal amount.
But if the person taking the scheme dies, their nominee is paid in such a case. For this, it is necessary to write the nominee while starting your account.
In the meantime, there are certain conditions that must be met when opening an account. The person concerned must be a citizen of India. Also, no foreigner can avail the benefits of this scheme. In addition, the person must be over 10 years of age.
