New Delhi: If you are seeking to secure a stable monthly income without taking any risk, then you may opt for post office monthly income scheme. By perking you money at this post office saving scheme, you are eligible to earn 6.6 per annum interest rate which is payable on a monthly basis.Also Read - Vaani Kapoor Plans to Start Her Own Fitness Platform: 'I'm Deeply Passionate About Health And Wellness'
Who Can Open Post Office Monthly Income Scheme?
Any adult can open a single account of post office monthly income scheme. For joint account, up to three adults are allowed. A guardian on behalf of minor or person of unsound mind can open an account. A minor above 10 years can open an account in his own name. Also Read - Nikhat Zareen Wins Gold At Women's World Boxing Championships, Becomes Fifth Indian Boxer To Clinch The Title
How To Open Post Office Monthly Income Scheme Account?
If you don’t have a savings account in post office, you need to open one. Also Read - Ira Khan Enjoys Bike Ride With Beau Nupur Shikhare on an Ice-Cream Date: 'I Never Cross 25 km/hour'
After you need to fill in the Post Office Monthly Income Scheme application form.
You need to submit Xerox copy of residential proofs, 2 passport-size photos, and your ID.
Signatures of witness and nominee are required.
The first deposit needs to be done via cash or cheque.
Post office Monthly Income Scheme – Interest, Investment
Interest at a rate of 6.6 per cent per annum payable on completion of a month from the date of opening and so on till maturity.
However, if the interest payable every month is not claimed by the account holder such interest will not earn any additional interest.
For a single account, maximum investment limit is Rs 4.5 lakh and Rs 9 lakh for joint account.
Deposit can not be withdrawn before the expiry of 1 year from the date of deposit.
If account is closed after 1 year and before 3 years from the date of account opening, a deduction equal to 2 per cent from the principal will be deducted. After that the remaining amount will be paid.
If the account is closed after 3 years and before 5 years from the date of account opening, a deduction equal to 1 per cent from the principal will be deducted and remaining amount will be paid.