The government has not made any change in the interest rates of small savings schemes for the October-December quarter i.e. the third quarter of the financial year 2026-27. That means you will continue to get the same interest as before. If you are planning to invest somewhere these days, then you should also know about National Savings Monthly Income Account. This scheme is giving 7.4% annual interest. Through this you can arrange an income of Rs 9,250 for yourself every month. Investment in this scheme has to be made for 5 years. We are telling you about this scheme… What is Post Office Monthly Income Scheme? Post Office Monthly Income Account is a small savings scheme of the Government of India. It is for those who want a fixed income every month while keeping their money safe. This scheme is especially beneficial for retirees, elderly and risk-averse investors. It can be called a kind of term deposit. You will get Rs 9,250 every month. In this scheme, the annual interest is distributed over 12 months and you keep getting that amount every month. If you do not withdraw the money, it will remain in the post office savings account. No additional interest will be given on this interest. Payment will be made only on the principal amount. Suppose you invest Rs 9 lakh in this scheme, then now you will get interest of Rs 66 thousand 600 annually at the rate of 7.4% annual interest. Whereas if you invest Rs 15 lakh in it under joint account, then you will get annual interest of Rs 1 lakh 11 thousand. If you divide it equally in 12 months, you will get Rs 9,250 every month. Note: This calculation is approximate. The government reviews the interest rates of small savings schemes every 3 months. The deposited money will be returned after 5 years. Its maturity period is 5 years. On completion of the scheme, the entire deposited capital will be returned. If you wish, you can invest it again in the same scheme and continue the monthly income. Who can open an account? Any Indian citizen can open this account. At the same time, a joint account can also be opened in the name of a minor and in the name of 3 adults. Minors above 10 years of age can also open an account under the supervision of parents. Aadhaar-PAN is necessary for opening an account. The Central Government has made PAN and Aadhaar card mandatory for investing in post office savings schemes including PPF, Sukanya Samriddhi and National Savings Monthly Income Account. Aadhaar number or Aadhaar enrollment slip is required to open an account. How can one open an account in this?
Source link
[ad_3]
7.4% annual interest on Post Office Monthly Income Account: Earn up to ₹ 9,250 every month, know important things related to the scheme.
