BusinessPost Office Monthly Income Program Benefits; Interest rate, features details
If you want to organize a monthly income yourself after or before retirement, the Post Office National Savings Monthly Income Account will be ideal. Currently, this program offers an annual interest of 7.4%. With this, you can ensure an income of Rs 9,250 every month. We tell you about this diagram
You will receive Rs 9,250 every month
In this system, the annual interest is spread over 12 months and you continue to receive this amount each month. If you don’t withdraw the money monthly, it will remain in your postal savings account and you will earn additional interest by adding this money to the principal amount.
Suppose you follow this plan If you invest Rs 9 lakh, you will now get an interest of Rs 66 thousand 600 per annum at the rate of 7.4% per annum. Whereas if you invest Rs 15 lakh in it in a joint account, you will get annual interest of Rs 1 lakh 11,000. If you divide it equally over 12 months, you will get Rs 9,250 every month. If the returns are not withdrawn, interest is also earned on them.
Note: This calculation was made approximately. The government reviews the interest of small savings plans every 3 months.
You will get back your deposited money after 5 years
Its maturity period is 5 years. This means that once the program is completed, you will get your entire deposit back. However, if you wish, you can keep this source of monthly income by reinvesting this money in the same device.
Who can open an account? This account can be opened in the name of a minor and a joint account can also be opened in the name of 3 adults. An account can also be opened in the name of a minor over 10 years old under parental supervision.
Aadhar-PAN is required to open an account
The central government has made PAN and Aadhar cards mandatory for investing in post office savings schemes including PPF, Sukanya Samriddhi and National Monthly Savings Account. Now, it will be necessary to provide an Aadhaar number or Aadhaar registration slip to open an account in government schemes.
How can you open an account there?
To do this, you must first open a savings account at the post office. You need to fill out a National Savings Monthly Income Account form as well as deposit cash or a check of the prescribed amount to open the account. this, your account will be opened. Click here for more information