In the midst of rising inflation, if you are looking to invest somewhere where you will get good returns and keep earning monthly income, then the National Savings Monthly Income Account of the Post Office will be right for you. In this, you are being given an interest of 6.6% per annum. We are telling you about it.
With how much money can an account be opened?
Under this scheme, the account can be opened with a minimum of Rs 1000. If you have a single account then you can make a maximum deposit up to Rs 4.5 lakh. On the other hand, if you have a joint account, then a maximum of Rs 9 lakh can be deposited in it. The special thing is that after the completion of the scheme, you will get your entire money back.
How long is the maturity period?
Its maturity period is 5 years. After 5 years, you can invest your money again in it. That is, on completion of the scheme, you get your entire deposited capital, which you can invest in this scheme again and maintain a means of monthly income.
How to get returns?
It is getting 6.6% annual interest. The interest earned annually is divided over 12 months and you get that amount every month. If you do not withdraw the money monthly, then it will remain in your post office savings account and you will get further interest by adding these money along with the principal amount.
Can I withdraw money before maturity?
If there is a need to withdraw money before maturity, then this facility is available on the completion of 1 year of the account. If the account is old for 1 year to 3 years, after deducting 2% from the amount deposited in it, you get the remaining amount back. If the account is more than 3 years old, the balance amount is returned after deducting 1%.
How much return will you get?
Under this scheme, if you invest Rs 4.5 lakh, now you will get interest of Rs 29700 per annum i.e. Rs 2475 per month at 6.6% per annum interest rate. On the other hand, if you invest 9 lakhs under a joint account in this, then you will get an interest of Rs 59,400 per annum i.e. Rs 4950 per month.
Who can open 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. The account can also be opened in the name of a minor above the age of 10 years under the supervision of the guardian.
How to open account?
For this, first of all, you have to open a savings account in the post office.
After this a form has to be filled for National Savings Monthly Income Account from the post office.
Deposit cash or check for the amount specified to open the account with the form.
After that your account will be opened.
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