Investment in this scheme of the Postal Department can be done with a minimum of one thousand rupees, while the maximum limit has been fixed up to Rs 9 lakh.
If you understand that by keeping money in the bank, you can get more returns, then there is a need to think a little more seriously here. Because this scheme of the postal department can give you a chance to earn money every month. For those planning to invest in the future, this scheme of the Postal Department can prove to be very beneficial.
If the bank defaults, then only 5 lakh rupees are guaranteed, but you can avoid this risk by investing in many schemes of the postal department. Actually investing in Post Office Savings Plan can be started with a very small amount. Monthly Income Scheme (MIS) is also included in the small savings schemes of the post office. If you invest in this plan then you will have a chance to earn every month.
What exactly is the interest rate?
At present an annual interest rate of 6.6 percent can be earned in the Post Office Monthly Income Scheme. Interest will also be paid on monthly basis.
Investment Amount
One can invest in this post office scheme with a minimum and very low cost of Rs 1,000. Whereas maximum investment is allowed in one account up to Rs 4.5 lakh and in joint account only up to Rs 9 lakh is allowed. A maximum of Rs 4.5 lakh can be found in this scheme. This includes his share in the joint account. Every joint account holder will have an equal share in the joint account.
What is the eligibility
A joint account can be opened in the Post Office Monthly Income Plan in the name of one adult, a total of 3 adults, a parent on behalf of a minor or a person of weak mind and a minor who is above 10 years of age.
When does maturity happen?
The account can be closed after the expiry of five years from the date of opening of the account. To close the account, the application form along with the passbook has to be submitted to the office. If the account holder dies prematurely, the account can be closed and the amount is returned to his/her nominee or legal heir. Interest is paid before the month in which the refund is made.
If you want to close the account ahead of time
The amount deposited in this account before one year from the date of investment cannot be withdrawn. But if the account is closed after one year and before three years from the date of opening of the account, then 2% of the principal amount is deducted and the remaining amount is paid. If the account is closed before three years and five years from the date of opening of the account, 1% of the principal is deducted and the balance is paid. The account can be closed before maturity by filling up the appropriate form along with the passbook at the concerned post office.
