India post provides some great investment packages that are trusted by most of the schemes in the market. Although the Monthly income scheme offers less return yet the risk-free facilities and the Government backing schemes make it a huge deal.
Post Office regular monthly income scheme is one such popular investment option. All you are required to invest a certain amount and then avail the fixed monthly income. Post Office regular monthly income scheme is one such popular investment option. All you are required to invest a certain amount and then avail the fixed monthly income.
What Is the lock-in period for the monthly scheme?
The post office scheme comes with a lock-in period of five years and you can withdraw your amount whenever you what. You can even reinvest it after the maturity term. The best part about this scheme is that you can start it with a very small amount and is thus becoming very popular among low and middle-income groups.
What is the interest rate for the monthly scheme?
On the deposited amount, you get a Post Office Monthly Income Scheme Interest Rate
of 6.6% per annum. You can either transfer it to your savings account directly or withdraw it.
What are the eligibility criteria for the monthly scheme?
Only a resident of India can apply for a Post office Monthly Scheme. Rest all Indian citizens are entitled to open their accounts with the Post office with just the requirement of a few documents. Minors who have crossed the age of 10 are eligible for this scheme too.
What is Post Office Senior Citizen Saving Scheme?
This scheme was proposed as a result of senior citizens being exempted from filing tax returns if they have pension income or interest income as their only source. So, in Post Office Senior Citizen Monthly Income Scheme, senior citizens can invest their money sum through which they can enjoy the regular income and tax benefits. This is a government-backed scheme proposed to save the interests of senior citizens and protect them from fraudulent activities.
What is Senior Citizen Saving Scheme Multiple Accounts?
In this scheme, the depositor can invest money either individually or jointly sharing with their spouse. The spouse is not required to be a senior citizen and the person who deposits the money first will be addressed as the investor. The maximum limit of the joint account remains 15 lakhs even if you decide to open several multiple accounts. The collective of all the account balances must not exceed Rs 15 lakhs.
A piece of short and brief information has been provided above regarding the Post Office regularly monthly income scheme offered by the government as an investment opportunity to the Indian citizens as well as the senior citizens.