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If you want to withdraw money due to any emergency, you can only do so after a year has passed.
A maximum of Rs 9 lakh can be deposited into an individual account under the Post Office Monthly Income Scheme.
For middle-class individuals reliant on monthly salaries to cover living expenses, fluctuations in monthly expenditures can lead to financial strain, especially towards the latter half of the month. In such precarious situations, supplementing income with a secondary source becomes invaluable. This article explores a scheme offering additional income mid-month, providing a much-needed respite.
Among the various savings schemes available at post offices, the Monthly Income Scheme stands out for its promise of steady income with guaranteed returns. Under this scheme, individuals can open accounts either singly or jointly with their spouses. By depositing a lump sum amount, investors can expect a fixed monthly payout.
Individuals can deposit a maximum of Rs 9 lakh into an individual account and up to Rs 15 lakh into a joint account, with a minimum deposit period of five years. The interest accrued on these deposits serves as the monthly income source. Joint account holders can earn up to Rs 9,250 in additional monthly income by depositing Rs 15 lakh, with a monthly interest of Rs 5500 offered on a Rs 9 lakh deposit.
Currently, the Post Office Monthly Income Scheme offers an interest rate of 7.4 per cent. Additionally, accounts can be opened in the name of a child and a maximum of three persons can jointly operate an account. To register for the Post Office Monthly Income Scheme, individuals must visit the nearest post office with documents including proof of address, photo identity card, Aadhar card, PAN card and two passport-sized photos.
While deposits are locked in for five years, withdrawals can be made in emergencies after one year from the account opening. Early withdrawals within one to three years incur a 2 per cent deduction from the total deposit, while a 1 per cent fee is charged for withdrawals made after three years but before five years. Upon maturity after five years, the entire amount is returned. Alternatively, investors can choose to reinvest their funds for another five-year term.
The Post Office Monthly Income Scheme is considered a reliable option for individuals seeking supplementary income streams to alleviate financial stress. With guaranteed returns and flexible withdrawal options, it offers a practical solution to manage monthly expenses and build financial stability.
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