Post Office Scheme: The post office is a good option for sure and a safe investment. The post office runs several small savings schemes for common citizens. In this article, we will see how the husband and wife can get a fixed amount every month by opening a joint account. Investors can invest in the Post Office Monthly Income Scheme (POMIS). This scheme can be opened in both single and joint accounts. The central government has raised the interest rate of this scheme from 1 April 2023. Similarly, the investment limit has also been increased. Post Office Scheme
Post Office Monthly Income Scheme
You can withdraw money from your account after one year from the deposit date. If withdrawal is done within one to three years, you are charged two percent. And the remaining amount is refunded after deducting the fees. If the account is closed by three years after the time after three years, one percent of the amount deposited is deducted. In this scheme, two or three people can open this joint account. In this, the joint account can be converted into a single account. Also, an account can be converted into a joint account.
Interest is available at the rate of 7.4%. Returns in this monthly income scheme of the post office are also fantastic. From 1 July 2023, the interest on investment in it has been reduced to 7.4 percent. The most important thing about this scheme is that by investing in it, your tension of income ends every month. The maturity period of this government scheme is 5 years, and the money cannot be withdrawn from it until one year after the account opens. In this, you can open an account with just Rs 1000. Post Office Scheme
You can invest up to 9 lakh rupees
The government has also increased the investment limit for account holders investing under the Post Office Monthly Saving Scheme (POMIS). Earlier, the investment limit for the individual account holder was Rs 4.5 lakh, which has been increased to Rs 9 lakh. On the other hand, if you talk about the joint account, then for this, the maximum limit has been increased from the earlier 9 lakhs to 15 lakh rupees. This increase in investment limit is effective from 1 April 2023. Once invested, you can arrange a fixed income under this scheme every month. Post Office Scheme
In this scheme of the post office, income is guaranteed every month from a lump sum investment and calculations of income that occur every month. If you invest Rs 5 lakh for five years in it, then you will have an income of Rs 3,084 every month according to the interest of 7.4 percent. On the other hand, if you look at the maximum limit of the individual account holder, i.e., Rs 9 lakh, then the income will be Rs 5,550 every month. You can also take this income from interest on a quarterly, half-year, or annual basis in addition to the month. Post Office Scheme
Good return post office scheme on lump sum investment
Under this scheme, an investor can invest a maximum of nine lakh rupees in a post office scheme account. The joint account limit has been increased by the government. Now this limit has been increased to Rs 15 lakh. After maturity, the investor can withdraw the invested amount. Or the duration of this scheme can be extended for five years. Post Office Scheme
For more information on government schemes, click here.
