In this post office scheme you will get income every month, you can start investment from just 1000 rupees

Under the Post Office Scheme the account can be closed on completion of 5 years from the date of opening of the account by submitting the prescribed application form along with passbook to the concerned post office. If the account holder dies before maturity, the account can be closed and the amount given to the nominee.

4 Month ago

Post office has many savings schemes in which investments are beneficial in the long term. One such scheme is the Post Office Monthly Income Scheme, which gives you an income every month. Investment in this scheme can be started from just 1000 rupees. For that you can go to your nearest post office and open an account.

You can invest from a minimum of 1000 rupees in this post office scheme. The maximum investment limit is 9 lakh rupees. If you have a joint account, you can deposit a maximum of Rs 15 lakh. All the account holders will have equal share in joint account.

At present, this monthly income scheme offers an annual interest rate of 7.4 percent on the amount deposited. Interest is paid on completion of 1 month from the date of account opening. If the interest payable every month is not claimed by the account holder, no additional interest will be earned on such interest.

Interest will be applicable only on Post Office Savings Account from the date of account opening to the date of withdrawal. According to the official website of the post office, interest can be withdrawn through auto credit in the same post office or savings account. Income tax is applicable on the interest received from this scheme.

The account can be closed on completion of 5 years from the date of opening of the account by submitting the prescribed application form along with passbook to the concerned post office under the Post Office Monthly Income Scheme. If the account holder dies before maturity, the account can be closed and the amount given to the nominee. If the account is closed after 1 year and before 3 years from the date of opening, 2 percent of the principal amount will be deducted.