Savings plans are applied at the Post Office for all ages and categories. In addition to excellent returns, they also guarantee the security of the investment. One such special plan is the Post Office Monthly Income Plan, which is a plan that provides income to the investor every month. In such a situation, if you are planning to start investing this Diwali, this may prove to be a better option.
Interest is available at a rate of 7.4%.
The returns from this Correos monthly income plan are also excellent. The government is offering 7.4 per cent interest in this scheme. The most important thing about this scheme is that by investing in it the stress of your income every month ends. The maturity period of this government scheme is 5 years and money cannot be withdrawn until one year after opening the account. In this you can open an account with just Rs 1000.
You can invest up to Rs 9 lakh
The investment limit for account holders investing in the Post Office Monthly Savings Scheme (POMIS) is Rs 9 lakh. If we talk about joint account, the maximum limit has been set at Rs 15 lakh. We tell you that this limit was increased and was only implemented on April 1, 2023 of last year. This is a unique investment plan and once you invest, you can earn guaranteed income every month under this plan.
Closing the plan is a deal that will generate losses.
In this scheme, you cannot close the account for one year after opening it. While if you close the Post Office Monthly Income Plan account before three years, a 2 percent fee applies, while if you close the account after 3 years and before 5 years, a 2 percent charge applies. a 1 percent charge. .
Monthly income calculation
In this Post Office scheme, income is guaranteed every month from a lump sum investment and if you calculate the income every month, if you invest Rs 5 lakh for five years, you will get the rate of 7.4 per hundred. the interest received from it, there will be an income of Rs 3,084 every month. Whereas if we look at the maximum limit of an individual account holder i.e. Rs 9 lakh, the monthly income will be Rs 5,550. In addition to monthly, you can also earn this interest income quarterly, semi-annually, or annually.
It is easy to open an account in this scheme.
Opening an account under the Monthly Income Plan (MIS) is very easy. For this, you can visit the nearest post office and send the application along with the necessary documents to the post office. Applicants can pick up the account opening form from the post office and send it along with the KYC form and PAN card. In case of joint account holders, KYC documents must also be submitted. In the meantime, please note that when filling out the account opening form, please enter all information correctly.
