Post Office monthly income scheme: How to earn Rs 9,250 per month?

Several Post Office savings schemes are very popular among small investors. One such scheme is the Post Office Monthly Income Scheme. Through this scheme, anyone can earn Rs.9,250 every month, totaling Rs.1,11,000 annually. Let's see how to invest in this scheme.

The Post Office Monthly Income Scheme is a one-time deposit scheme. In this, you can earn through interest every month. How much you earn depends on the amount you deposit?

The interest on the investment will be credited to your savings account. After 5 years, you can withdraw your deposit amount. If you want to further utilize this scheme, you can reinvest.

In this scheme, you can open an account individually or jointly. Two or three people can open a joint account together. The deposit limit is lower for individual accounts. You can deposit more in a joint account, resulting in higher returns. If you open a joint account with your spouse, you can deposit more and earn higher returns.

A maximum of Rs.9 lakhs can be deposited in an individual account. Up to Rs.15 lakhs can be invested in a joint account. A one-time deposit is sufficient. Interest will continue to accrue for 5 years. Currently, this scheme offers a 7.4% interest rate.

If you open an account in this Post Office scheme and deposit a maximum of Rs.9 lakhs, at a 7.4% interest rate, you will receive Rs.66,600 in interest annually. This means you can earn Rs.5,550 every month. Through this, you can earn Rs.3,33,000 in interest over 5 years.

If you open a joint account with your spouse in this scheme and deposit Rs.15 lakhs, at a 7.4% interest rate, you will receive Rs.1,11,000 annually, or Rs.9,250 monthly. In this way, you will earn Rs.5,55,000 in interest alone over 5 years.

Any Indian citizen can open an account under the Post Office Monthly Income Scheme. An account can also be opened in the name of a child. If the child is under 10 years old, parents or guardians can open an account in the child's name. When the child turns 10, they can also gain the right to operate the account themselves. To open an account in this scheme, you must have a savings account at the Post Office.