The BRICS TimesAre you looking for a fixed monthly income plan during your working years or after retirement? You should definitely know about the Post Office Monthly Income Scheme.
Indian investors actively seek great options for both savings and investments. Are you looking for a scheme that offers a fixed income during your career or post-retirement? Then you must learn about the Post Office Monthly Income Scheme (POMIS). Similar to many good investment options, this scheme offers a guaranteed annual interest return of 7.4 percent. Furthermore, your money remains completely secure in this scheme. You invest a lump sum amount just once. Subsequently, you receive a fixed income every month for the next five years.
Key Features of the Post Office Monthly Income Scheme
The Post Office Monthly Scheme is also known as the National Savings Monthly Income Scheme. This is a government-backed small savings plan. It is specifically designed for people who have retired. They want good returns without taking any investment risk. This scheme works quite similarly to a Fixed Deposit. However, investors get the interest amount every single month.
You can start this scheme with a minimum amount of ₹1,000. The maximum deposit limit is ₹9 lakh for a single account. Joint accounts can deposit a maximum of ₹15 lakh. For example, if you deposit a lump sum of ₹9 lakh, your account gets ₹5,550 as monthly interest. If you deposit ₹15 lakh, you will get an income of ₹9,250 every month.
How to Get Started?
To begin the Post Office Monthly Income Scheme, first open a savings account at your nearest Post Office. Next, you need to fill out the National Savings Monthly Income Scheme form. You can submit your investment amount as cash or via check while submitting the form.
