In this era of interest rates falling, regular income options are few and far between. However, the post office still has many options that offer better returns than banks. One of them is a monthly income plan. The main thing about this scheme is that it can be started from just Rs 1,000. Currently, it is receiving an interest rate of 6.6 per cent. The best part is that you can open this account in your children’s name. A child over the age of 10 can open this account in his name.

6.6% interest on investment in the project

Investment in this scheme can start from Rs 1000 but the maximum investment is Rs 4.5 lakh. At the same time, if you open a joint account, you will get a maximum of Rs. Currently, the investment in the scheme is receiving an interest rate of 6.6 per cent. At the same time, most banks are offering less than 6 per cent interest on FD. The specialty of this scheme is that if you do not withdraw the interest you receive every month, you will not receive any additional interest. Also, when investing in this scheme, it is also important to keep in mind that the interest earned from this project is tax-free.

The maturity period is five years

The scheme is open for five years but with some conditions it can be closed after one year. If a person closes the plan after one year and three years, then the original amount will be refunded after deducting 2% from the account but if anyone closes his account between three and five years he will get 1%. The payment is made after deducting it from the original amount. But if the investor suddenly dies, the money is given to the nominee. So, besides opening the account, definitely give the nominee a name. There are several conditions to open this account. A person must be a citizen of India. No foreign person can take advantage of this project.