All about post office Monthly Income scheme - Fusion - WeRIndia

All about post office Monthly Income scheme

All about post office Monthly Income scheme

Here is what you need to know about the Monthly Income Scheme of Post office. Read on to know whether you should invest in it or not. This scheme is for individuals who are less risk averse and are looking for a safe investment option with good returns. The good thing about this scheme is that it is backed by the Government of India which ensures safety.
The advantage with post office schemes is that they generally assure you guaranteed returns on your investment. This makes it ideal for people who are looking to generate some monthly income without having risk.
You can also have the option of transferring account from one post office to another. The interest rate on these plans is 8.40 percent per annum as for now. It is payable monthly. It is important to know that the government changes interest rates every once in a year based on inflation. The interest can be drawn through auto credit into savings account standing at same post office through PDCs or ECS.
An account can be opened by cash/cheque. An individual can open an account in multiples of Rs. 1500. The maximum investment limit is Rs. 4.5 lakhs in a single account and Rs. 9 lakhs in joint account.

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