Invest in Monthly Income Account for regular income: It will earn up to Rs 9,250 every month, know the special things related to it

If you want to arrange monthly income for yourself after or before retirement, then the National Savings Monthly Income Account of the Post Office will be right. Currently, 7.4% annual interest is being given in this scheme. Through this, you can arrange an income of Rs 9,250 every month for yourself. We are telling you about this scheme… 

You will get 9,250 rupees every month

In this scheme, the annual interest is divided into 12 months and you keep getting that amount every month. If you do not withdraw the monthly money, it will remain in your post office savings account and you will get interest further by adding this money along with the principal amount.

Suppose you invest 9 lakh rupees in this scheme, then you will get an annual interest of 66 thousand 600 rupees at the rate of 7.4% annual interest. On the other hand, if you invest 15 lakhs in it under a joint account, then you will get an annual interest of 1 lakh 11 thousand rupees. If you divide it equally in 12 months, you will get 9,250 rupees every month. If you do not withdraw the return, then you get interest on it as well.

Note: This calculation is based on estimates. The government reviews the interest rates on small savings schemes every 3 months.

The money deposited will be returned after 5 years

Its maturity period is 5 years. That is, on completion of the scheme, you will get your entire deposited capital back. However, if you want, you can maintain a source of monthly income by investing this money again in the same scheme.

Who can open an account? This account can be opened in the name of a minor or as a joint account in the name of 3 adults. An account can also be opened in the name of a minor above 10 years of age under the supervision of parents.

Aadhaar-PAN is necessary to open an account

The central government has made PAN and Aadhaar card mandatory for investing in post office savings schemes including PPF, Sukanya Samriddhi and National Savings Monthly Income Account. From now on, it will be necessary to provide Aadhaar number or Aadhaar enrollment slip to open an account in government schemes.

How can I open an account in this?

• For this, firstly a savings account will have to be opened in the post office.
• A form has to be filled for National Savings Monthly Income Account.
• Submit cash or cheque for the prescribed amount to open the account along with the form.
• After this your account will be opened.