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There are many scheme options available for investment in post office. Investing money in this also gives the benefit of excellent returns. Single or joint account can be opened in Post Office Monthly Income Scheme. Investment in the scheme is for maximum 5 years. You will also get good income every month from the interest received on this. Being a government scheme, this investment is completely safe.
Calculating investment and interest?
In this post office scheme, you can deposit a maximum of Rs 9 lakh in a single account and a maximum of Rs 15 lakh in a joint account. At present the interest rate on this is 7.4 percent. Due to which investors get a guaranteed return of Rs 1,11,000 in a year.
What are the benefits of joint account?
By investing in a joint account with your wife, you can get a return of Rs 9,250 every month. From this account you can earn Rs 5,55,000 from interest in 5 years.
What is the method of opening an account?
Any citizen can open an account under this scheme. The account can also be opened in the name of the child, for which it is necessary to have a legal guardian or parents in their name. For MIS account, the savings account should be in the post office and for ID proof, Aadhar card and PAN card are mandatory.
What are the conditions for withdrawal of funds?
In this scheme, money can be withdrawn after one year, but there is a deduction if withdrawn before 5 years. After deducting 2%, returns are available from 1 year to 3 years. If you withdraw money after 3 years and before 5 years, you will get 1% return. In such a situation, if you do not withdraw money for 5 years, you will get full benefit of interest.