post office monthly saving scheme telugu
In the current economic climate, everyone wants to keep every rupee they earn safe and get some return on it. While some are inclined towards risky investments for high profits, others expect a stable income without any fluctuations.
The Monthly Income Scheme offered by the Post Office is a great solution for such people. Imagine how easy your financial planning would be if you received a certain amount in your hand every month along with complete security for your investment. This scheme is especially a ray of hope for retired senior citizens for their monthly expenses.
Keeping expenses under control and saving for the future is the first step towards smart financial management. The Post Office Monthly Income Scheme is a wonderful opportunity for such people. In this, you can invest a large sum at once and get a stable income every month for the next five years. Your investment amount will also come after maturity. In this scheme, your money is not exposed to market fluctuations, which means your investment is completely safe. It has gained immense popularity among the people as a scheme that provides a steady income.
Who is eligible? How much can be invested?
An account can be opened in the Post Office Monthly Income Scheme by any individual or a maximum of three people jointly. Moreover, guardians can also open an account in the name of a child who has completed 10 years of age. A minimum of Rs. 1,000 can be invested in this scheme. A maximum of Rs. 9 lakhs can be invested in the name of a single person, and a maximum of Rs. 15 lakhs in the case of a joint account.
post office monthly saving scheme telugu
Interest rate, return..
Currently, the Post Office is offering an annual interest of 7.4 percent on this scheme. This interest will be credited to your account every month on the amount you deposit until maturity. However, it should be remembered that the interest income earned through this scheme is taxable.
Maturity, early withdrawal..
The maturity of the post office MIS account is 5 years from the date of opening. If you want to withdraw the money before maturity, then the post office will return the remaining amount to you after deducting a certain percentage of interest as per the rules. Therefore, it is better to join this scheme keeping in mind the long-term goals.
How much will you get if you invest?
For example, if you open an account alone and deposit Rs. 9 lakhs in the MIS scheme, you will get an income of approximately Rs. 5,550 every month at the current interest rate. Similarly, if you open a joint account and deposit a maximum of Rs. 15 lakhs, your monthly income will be around Rs. 9,250. You can decide how much to invest based on your monthly expenses and your expected income. For example, if you deposit Rs. 5 lakhs.. you will get Rs. 3083 every month. If you invest only Rs. 3 lakhs, then you will get Rs. 5,550 every month. 1850 interest. So, if you want to get a stable income every month along with security for your hard-earned money, the Post Office Monthly Income Scheme is a good option. Without delay, know the complete details of this scheme and secure your future financially.
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