If anyone ask which scheme is good in post office, under Post office schemes in India a monthly income scheme is available which is known to be one of the best savings scheme - know full details.
Postal deposits and bank fixed deposits are preferred by savers, risk averse and traditional investors. Even though they have income tax, there is a huge trust in them as they are guaranteed by the government.
They have been very popular among savers for many decades even as interest rates have been falling steadily.
The number of people investing in these traditional schemes has increased but not decreased. Post Office Monthly Income Scheme is one such savings scheme.
Get guaranteed monthly income with Post Office Monthly Income Scheme (PO-MIS). Money deposited by investors is not subject to market risk.
Due to the lack of risk, this scheme is very popular among traditional investors. As it is a government guaranteed scheme, the investments are protected by the government till maturity. The scheme is suitable for traditional investors as well as senior citizens.
This scheme known to be one of the best public choice investment options in India. Because it can be started with a nominal amount.
A minimum of Rs.1,000 can be invested in Post Office Monthly Income Scheme. A maximum of ₹ 4.5 lakh can be invested in a single account and a maximum of ₹ 9 lakh in a joint account.
The interest rate earned per annum is 6.6%. Interest is paid every month. A five years locking period monthly income plan option is available in this scheme.
Funds can be withdrawn after the investment matures. Can be reinvested. But it comes under the ambit of income tax. There are no income tax exemptions on deposits. Investment in this post office scheme does not come under Section 80C.
You will receive payment from this scheme from the first month of investing in this scheme. However, experts are of the opinion that the revenue will not exceed the inflation.
Even as an investor, you can have multiple account ownership. But the deposit amount should not exceed ₹ 4.5 lakh .
You can also open a joint account with a maximum of three people with the monthly income scheme. The account belongs equally to all the customers irrespective of who is contributing to the account.
An account can be opened on behalf of a minor aged 10 or above. A minor is allowed to operate an account after attaining the age of 18 years.
