People are paid for doing their jobs or for making investments which indicates that either people are making money through money rather than through their own labour. This is a good opportunity for you if you also intend to profit from money. By investing in the Post Office's Monthly Income Scheme, you can earn good returns. It means that you can earn the returns in the form of periodic payment. So if you want a fixed interest every month, you should invest in the Monthly Income Scheme of the Post Office.
Let us now understand how the whole process works.
Investment amount
In the monthly income scheme, you can deposit money in Rs 100 multiples of at least Rs 1000. You can deposit only up to Rs 4.5 lakh, if you have a single account and if you have a joint account you can deposit up to a maximum of Rs 9 lakh.
Age limit
To invest in the monthly income scheme you must be at least 18 years of age.
Account holder
A minimum of one and a maximum of three people may open this account at the same time.
Maturity period
You may open your account under the post office's monthly plan for up to 5 years. Money deposited here cannot be withdrawn for at least a year. 2% of the principal will be taken out of your withdrawal if it is made between one and three years. On the other hand, 1% of your principal will be taken away if you withdraw it after three to five years.
Investment plans
You will receive 6.6 percent interest per month under this plan. If you deposit Rs. 50,000 into your account all at once, you will receive approximately Rs. 275 each month and Rs. 3300 annually. You will receive a total of Rs.16500 in interest after five years.
.
