In this post office scheme, the income will increase by Rs. 4950 per month, just have to do this work
Nowadays, it is quite safe to invest in post office savings plans, while the returns are also very good. This is the reason why most people are now moving towards the post office scheme. There are many post office schemes that offer higher returns than banks. People open accounts at the post office according to different needs. Currently, here is the Post Office Monthly Income Scheme (MIS). In this, opening an account is very easy and the return is very good.
How is this plan
Post Office Monthly Income Scheme (MIS) is a fixed return investment plan. A minimum of documentation is required to open an account. Both single and joint accounts can be opened under this scheme.
How much can you invest?
A maximum of Rs 9 lakh can be invested in a joint account under this scheme. The maturity of the scheme is 5 years, but it has the facility to reinvest. Even after maturity the scheme can be extended for 5-5 years.
How Do You Calculate Monthly Income?
This plan will have to be invested together. Which is the annual interest at a fixed rate in the investment amount. It is divided into 12 parts. After this, each part is transferred to the account every month. The scheme is currently earning an annual interest of 6.6 per cent.
How to get Rs 4950 per month
If Rs 9 lakh is invested together by opening a joint account, the interest amount will be Rs 59,400 in 1 year at an annual rate of 6.6%. If you divide it by month, the amount will be Rs 4,950, which will be sent to the investor's account.
How to open an account
If you do not have an account at the post office, you must first open a savings account at the post office. The monthly income plan form will be available at the post office only. It must be filled out properly and submitted with the signature of the nominee or witness. To open an account with the form, the amount has to be paid by fixed cash or check.
Documents required to open an account
Documents required for account opening Proof, certificate of residence and 2 passport size photographs must be taken. In addition, an original copy of these documents must be obtained for verification.
The specialty of this scheme
A minimum deposit of Rs.1000 / - is required in this scheme. A maximum of Rs 4.5 lakh can be deposited in a single account, while you can deposit Rs 9 lakh in a joint account. The joint account can hold 3 people, but the deposit amount will be only Rs 9 lakh. Parents can open an account in the name of a minor above 10 years of age.
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