New Delhi14 minutes ago
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The government has not changed the interest rates on small savings schemes for April-June (Q1FY27). That means you will continue to get the same interest as before. If you want to arrange monthly income for yourself every month after or before retirement, then National Savings Monthly Income Account of Post Office will be suitable.
Currently, this scheme is offering 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…
First of all know what is Post Office Monthly Income Scheme?
Post Office Monthly Income Account is a small savings scheme backed by the Government of India, designed for people who want a fixed income every month while keeping their money safe. This scheme is especially beneficial for retired people, elderly people or those who want to avoid risk and are looking for a source of regular income. This 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 monthly money, it will remain in your post office savings account. However, you will not get interest on this interest. Interest will be paid on the principal amount only.
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. If the returns are not withdrawn then interest is also earned on that.
Note: This calculation has been done approximately. The government reviews the interest on small savings schemes every 3 months.
You will get your deposited money back after 5 years
Its maturity period is 5 years. That means, after completion of the scheme, you will get your entire deposit back. However, if you wish, you can maintain this source of monthly income by investing this money again in the same scheme.
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 above 10 years of age under the supervision of parents.
Aadhar-PAN is necessary to open an account
The central government has made PAN and Aadhar card mandatory for investing in post office savings schemes including PPF, Sukanya Samriddhi and National Savings Monthly Income Account. From now on, it will be necessary to provide Aadhaar number or Aadhaar enrollment slip to open an account in government schemes.
How can one open an account in this?
- For this, first of all you have to open a savings account in the post office.
- A form has to be filled for National Savings Monthly Income Account.
- Deposit cash or check for the prescribed amount along with the form to open the account.
- After this your account will be opened. Click here for more information
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