Want Monthly Income After Retirement! THIS Post Office Scheme Is All You May Need

Want Monthly Income After Retirement? THIS Post Office Scheme Is All You May Need
The Post Office Monthly Income Scheme allows you to invest a lump sum amount and receive a regular monthly pension sourced from the interest on your deposited sum.

New Delhi: Looking for a reliable option to ensure a steady income post-retirement? Look no further than the Post Office Monthly Income Scheme, a government-backed initiative accessible to individuals from diverse socioeconomic backgrounds. With attractive returns and the assurance of government ownership, these schemes provide a secure avenue for investment.

The Post Office Monthly Income Scheme allows you to invest a lump sum amount and receive a regular monthly pension sourced from the interest on your deposited sum.

Post Office Monthly Income Scheme: Current Interest Rate
With a current interest rate of 7.4 per cent, this scheme presents an opportunity to earn a monthly pension of Rs 9,250.

Post Office Monthly Income Scheme: Joint Account
Whether you opt for an individual or joint account with your spouse, the scheme ensures a secure investment, with the flexibility to withdraw the principal amount after the maturity period.

Post Office Monthly Income Scheme: Extend Maturity Period
You can also choose to extend the scheme for an additional five years.

For those considering a joint account with their spouse, the scheme offers an increased investment limit of Rs 15 lakh, generating an annual interest of Rs 1,11,000.

Post Office Monthly Income Scheme: Premature
Notably, premature closure options are available, allowing investors to make partial withdrawals after one year from the date of deposit, with a deduction from the deposited amount ranging from 1 to 2 per cent depending on the withdrawal timing.ZN

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