In today’s time, banks are not getting much benefit on the investment of small savings. The economy has slowed down due to the Covid-19 Pandemic. Banks have greatly reduced the interest rate on fixed deposits and other deposit schemes. In such a situation, better returns can be achieved by investing money in some post office schemes. A post office plan is good enough for the elderly and retirees. Investing in it provides the facility of payment every month.
If the post is invested in this scheme, regular income is possible. Now digital work is being done in the post office as well. Post banking service has also started. The biggest advantage of investing in post office schemes is that your money can never be drowned here. The government gets Sovereign Guarantee on the money deposited in the post office, whereas in banks it is not. Learn about this scheme of post office.
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Under the Post Office Monthly Income Scheme (POMIS), a lump sum is to be deposited in a single or joint account in an account. After this, according to that deposit, money keeps coming into the account every month. The maturity period of this scheme is 5 years, which can be further extended to 5-5 years.
This monthly income scheme of the post office is better for those who want fixed income every month. Apart from this, if you get a lump sum after retirement in this scheme, then a fixed income can be earned every month by keeping that amount safe.
For the current quarter, the government has fixed an annual interest rate of 6.6 per cent for the post office monthly income scheme. Other schemes have higher interest rates, but there is no option to get payment every month. In this scheme, you can earn more by opening a joint account.
If a person has deposited 9 lakh rupees under this scheme in a single or joint account, then the total interest on this amount will be Rs 59400 at the interest rate of 6.6% per annum. If this amount is divided in 12 months of the year, then it will be Rs 4950. This amount will come to the account every month.
Under this scheme, it is necessary to have a savings account in order to open an account in the post office. It is necessary to be ID proof to open an account. Aadhar card, voter ID card or driving license can be given for ID proof. Along with this, 2 photographs of passport size will also have to be given. At the same time, an government-issued ID card or utility bill can be given for address proof.
After having all the necessary documents, go to the post office and fill the monthly income scheme form. It can also be downloaded online. It will also be necessary to name the nominee with the form. To open this account, one has to deposit 1000 rupees in cash or by check.