Post Office Monthly Income Scheme 2024: The maximum deposit for the monthly saving scheme is in hands from rupees 4.5 lakhs to 900000 for a single account and 9 lakhs to 15 lakhs for a joint account.
Like any nationalized bank, the post office has been trusted for depositing and transacting money. This is special true for the elder generation a number of saving are offered by branches of the post office across the country.
Post office monthly scheme is one such scheme where you invest a certain amount and earn a fixed interest every month. As the name suggest you can invest in this from any post office in this article we will cover all the following aspects of post office monthly income scheme.
Post office offers post office monthly income scheme among the host of banking products and services under a purview of finance ministry.
This is highly reliable and is low risk MIS (monthly income scheme) and generates steady income.
You can invest 9 lakh individually and rupees 15 lakhs joint land the investment period is 5 years.
Capital production is it primary objective and the interest rate for April June 2023 is 7.40 per annum payable monthly.
For instance Mr. Sharma has invested rupees 9 lakhs in the post office monthly investment scheme for 5 years as mentioned above the interest rate is 7.40 per annum is monthly interest it will be rupees 5,550 for that period.
Post Office Monthly Income Scheme 2024 Benefits and Features |
Post Office Monthly Income Scheme 2024: Benefits and Features of Monthly Income Scheme 2024 are as follows:
- Low-risk investment: As a fixed income scheme, the money you invested is not subject to market risks and is quite safe.
- Affordable deposit amount: You can start with a nominal initial investment of Rs.1,000. As per your affordability, you can invest in multiples of this amount.
- Guaranteed returns: You earn income in the form of interest every month. The returns are not inflation-beating but are higher compared to other fixed-income investments like FD.
- Tax-efficiency: Your investment is not covered under section 80 “C”, TDS is not applicable either.
- Payout: You will receive the payout after one month from making the first investment, and not the beginning of every month.
- Multiple account ownership: You can open more than one account in your name. But the total deposit amount cannot exceed Rs. 9 lakhs in all of them together.
- Joint account: You can open a joint account with 2 or 3 people. In this case, an aggregate sum of up to Rs.15 lakhs can be invested in this account.
- Fund movement: The investor can move the funds to a recurring deposit (RD) account, which is a feature Post Office has added recently.
- Nominee: The investor can nominate a beneficiary (a family member) so that they can claim the benefits and corpus if the investor passes away during the account’s term.
- Ease of money/interest transaction: You may collect the monthly interest directly from the post office or get it transferred automatically to your savings account. Reinvesting the interest in a SIP is also a lucrative option.
- Reinvestment: You may reinvest the corpus post maturity in the same scheme for another block of 5 years to continue earning benefits.
- Capital protection: your money is safe until maturity as this is a government bank scheme.
- Tenure: the lock in period for post office mis five years. Withdraw the invested amount when the scheme mature invested it.
Post Office Monthly Income Scheme 2024 Eligibility Criteria |
Post Office Monthly Income Scheme 2024: To open an account in Post Office Monthly Income Account Scheme Eligibility Criteria are as follows:
- To open a Post Office Monthly Income Account, one must be a citizen of India.
- Non Residential Indians cannot enjoy the benefits of this scheme.
- Any adult of 18 years can open an POMIS account.
- You can open an account on the behalf of a minor who is aged 10 years and above. They can avail the fund when they become 18 years old.
- A minor, after attaining majority, has to apply for conversion of the account in his name.
- In single account a deposit of 9 Lakhs is required and in joint account a deposit Rs. 15 lakhs is required.
Post Office Monthly Income Scheme 2024 How To open an account |
- Please collect a post office monthly income account scheme application form from your Post Office.
- Please submit the duly filled form along with a photocopy of your ID and residential proofs and 2 passport-size photos at the Post Office. Do carry the originals for verification.
- Please get the signatures of your witness or nominee(s) on the form.
- Please make the initial deposit via cash or cheque. In the case of a post-dated cheque, the date on the cheque will be the account opening date.
- After the processing is done, the executive at Post Office will provide you with the details of your newly opened account.
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