Schemes ( Monthly Income Scheme)
Like the fixed deposit scheme in banks, the monthly income scheme in post offices gives good returns. Get a good return in just five years. As for the interest rate for this scheme, the interest rate is 6.6 per cent per annum. You can save a maximum of Rs 4.50 lakh on this plan. A maximum of Rs. 9 lakhs can be deposited in a linked account.
Interest is available every month for five years. The original amount will be available after five years. If you close your savings account five years in advance, you will incur a penalty. Similarly, the account cannot be closed in the first year of its opening. If the account is closed in the second and third year, the principal will have to pay a penalty of one percent of the amount. Closing in the third year will result in a one per cent penalty.
Investors can open accounts at any post office subject to a maximum investment limit. You can go to the nearest post office and buy and fill the application form. Identity document, 2 passport size photos, proof of address etc. are required. The name of the nominee should also be mentioned in the application.
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