Earning 74000 rupees every year from this Post Office Scheme, know how
If you also want to invest such that is safe and also work for regular income for you, then the monthly income scheme of the post office can prove to be a great option. In this scheme, you deposit money once and every month you get money as fixed interest.
This monthly income scheme of the post office is very correct for those who want regular monthly income without taking risks. Let us understand what are the benefits of this scheme and how you can earn a guaranteed of about 74,000 rupees every year through this scheme.
What is Post Office Monthly Income Scheme (Pomis)?
Post Office Monthly Income Scheme is such a government scheme in which you deposit outright amount and then every month you get money in the form of fixed interest. This scheme is especially very beneficial for those who need regular monthly income.
How much can you invest in the scheme?
In this scheme, you can open both single or joint accounts. You can deposit a maximum of 9 lakh rupees in a single account. At the same time, a maximum of 15 lakh rupees can be invested in joint account.
If you and your wife together open a joint account and deposit 10 lakh rupees in it, then you will get about 7.4% interest annually, which will earn about Rs 6,167 every month. Meaning, your total earnings will be around 74,000 rupees annually. This amount keeps depositing directly in the savings account of your post office.
How to start investing in Pomis?
To take advantage of this scheme, you have to go to your nearest post office and open an account. For this, it is necessary to take some important documents like Aadhaar card and bank account information. To open the account, you have to deposit a minimum of Rs 1,000 and then you can deposit money in a multiplier of Rs 1,000.
Maturity and money withdrawal rules
The maturity period of this scheme is 5 years. If you want, you can extend it forward for 5-5 years. If you need to withdraw money before maturity, it is also possible, but there are rules for cuts according to which there will be a fee of 2% on withdrawal within 1 year. At the same time, after 3 years, but there will be 1% cut on withdrawal before maturity.