Looking for a reliable income after retirement? Check out the Post Office Monthly Income Scheme, a secure government-backed option for people wanting a fixed income source after retirement. With good returns and the trust of government support, it’s a safe choice for your investment.
Post Office Monthly Income Scheme for Post Retirement
Unlocking financial possibilities, the Post Office Monthly Income Scheme invites you to invest a lump sum, paving the way for a steady monthly pension. Your reliable income source is cultivated from the accrued interest on your deposited sum, ensuring financial tranquility on your terms.
Current Interest on Scheme
With an attractive interest rate standing at 7.4 percent, this initiative opens doors to the prospect of enjoying a monthly pension of Rs 9,250, adding a touch of financial assurance to your future.
For Joint Account
Whether you go solo or team up with your spouse, this scheme ensures a safe investment, letting you withdraw the principal amount when the maturity period is over.
Extending Maturity Period
You can choose to continue the program for five more years.
If you’re thinking about a joint account with your spouse, the program lets you invest up to Rs 15 lakh, earning an annual interest of Rs 1,11,000.
You can close your investment early if needed. After one year from the deposit, you can make partial withdrawals, but keep in mind there’s a deduction of 1 to 2 percent depending on when you withdraw.
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Three Main Benefits of Post Office Investment Schemes
- Easy to Invest
Investing in these schemes is easy. With just a few documents, you can follow simple steps at your local post office. The government backing adds credibility to these secure investments that offer guaranteed returns.
- Long Term Benefits
These can be great for retirement or pensions, extending up to 15 years if you have a public provident fund (PPF). Adding them to your investments gives you a mix and the security of fixed returns.
- Risk Free Investment
Post office savings schemes offer interest rates from 4% to 8%, making them risk-free and quite competitive with banks. The government’s regulation adds an extra layer of security, minimizing any potential risks.