Dhansu scheme of post office
Post Office Scheme: There comes a time in life when a large lump sum amount is in hand. Maybe it is a retirement fund, money received from selling a property, or some other big investment. Handling a large amount of money is not as easy as it seems. Especially for those people who want their money to be safe and without any risk. If your search has stopped at such a ‘no risk, guaranteed income’ scheme, then a wonderful scheme of the post office can prove to be a boon for you. This scheme not only provides regular income support to the elderly for their monthly expenses, but the youth can also take advantage of it to fulfill their financial needs. This scheme is Post Office Monthly Income Scheme (POMIS).
Guaranteed earning of ₹1.11 lakh annually
This scheme of the post office works just like its name. This ensures that you get a fixed income every month on your investment. The most important thing about this scheme is that you have to deposit this money only once, for a period of 5 years. The interest earned on your principal amount comes to your account every month. That is, invest once and comfortably enjoy your monthly income for the next 5 years. In this scheme, you can invest alone (Single Account) or you can open an account with your spouse (Joint Account), which increases the investment limit.
Currently, POMIS is yielding a whopping 7.4% per annum, which is an excellent return considering the market risks. If you open a joint account between husband and wife, then the maximum limit of investment in it goes up to ₹ 15 lakh. If you invest ₹15,00,000 in a joint account, your monthly earnings at an interest rate of 7.4% per annum will be ₹9,250, thus, your total earnings at the end of one year period will be ₹1.11 lakh. The earning in 5 years will be ₹ 5,55,000.
How much will you earn in a single account?
Post Office Monthly Income Scheme is a great option for those who have a lump sum amount but want to invest alone. You can deposit a maximum of ₹ 9 lakh in a single account. By investing ₹9 lakh, your earning at the rate of 7.4% will be ₹5,550. In this way, you can earn a total fixed income of ₹ 3,33,000 in 5 years.
The principal amount will also be safe
Another major feature of this scheme is that the principal amount deposited by you remains completely safe. After completion of the 5 years period, you get your entire ₹15 lakh (in case of joint account) or ₹9 lakh (in case of single account) back. This makes this scheme a better option than a fixed deposit (FD), because you get interest every month and your principal also remains safe. If you wish, after completion of the period of 5 years, you can extend this scheme for further 5 years.
Anyone can open an account
It is very easy to open an account in Post Office Monthly Income Scheme. Any Indian citizen can invest in it. Not only this, you can also open this account in the name of your child. However, if the child is below 10 years of age, only his parents or legal guardian will operate the account. To open an account you will have to go to your nearest post office. There are some necessary documents and conditions for this.
- It is mandatory to have a savings account in the post office.
- For ID proof, it is necessary to have your Aadhar card and PAN card.