Post Office Monthly Income Plan: By offering relief to ordinary citizens, the government has not changed the rate of small savings plans for the second consecutive quarter of financial savings. This new order of government will take effect on September 30. In such a situation, if you are thinking about investing, there is such a scheme of the Post Office, in which once you invest, you get paid every month. What is the benefit of this scheme, the interest rate and whether you can start this project in the name of your children, please tell us the answer to every question related to Post Office monthly income plan
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If you pay Rs.
The main thing about this project is that it can be started from just Rs 1,000. 4.5 lakh per person for this scheme. At the same time, if you open a joint account, there is a maximum exemption of Rs 9 lakh.
How much interest you get
When a person thinks about investing money in any project, he first checks the interest rate. Currently, the Post Office has an interest rate of 6.6 per cent on the monthly income plan. If you do not withdraw the interest earned every month, you will not receive any additional interest. Also, when investing in this project, it is also important to keep in mind that the interest earned from this project is tax-free.
Finish
The project is open for five years. But with some conditions it can be closed after 1 year. If a person closes the plan after 1 year and before 3 years, then 2% of the original amount is deducted and returned. But if someone closes his account between three and five years, then 1% is paid to him after deducting the original amount. But if the investor suddenly dies, the money is given to the nominee. So, when opening this account, definitely write your nominee.
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Who can open an account
There are many conditions to open this account. A person must be a citizen of India. No foreign person can take advantage of this project. Furthermore, the age of the person should be more than 10 years.
