You can open a joint or single account in the Post Office Monthly Income Scheme (MIS). This is a better scheme for those who want a fixed amount every month.
Monthly income scheme of post office
People rely on the schemes of the post office (post office) to keep the money safe without risk and to get better returns. If you are also one of them, then the Monthly Income Scheme (MIS) is beneficial for you. It will be useful in meeting your needs. By investing in this scheme, you can get a fixed amount every month.
Under this scheme you can open a single or joint account. In which you can take a fixed amount of every month by investing a lump sum. Usually this plan is for 5 years, but you can extend it even further for 5-5 years. In this, security is guaranteed on 100 percent investment. Any Indian citizen can invest in it.
Important things related to the plan
If you open a single account in the post office monthly income scheme, you can invest a maximum of Rs 4.5 lakh. At the same time the maximum limit in the joint account is 9 lakh rupees. There can also be a maximum of 3 adults in the joint account, but the limit for the maximum amount will remain the same. To open an account under this scheme of post office, you must have a savings account at the post office. To open this account, initially you will have to deposit 1000 rupees in the form of cash or check.
These documents will be needed
1. It is necessary to have Aadhaar card or passport or voter card or driving license etc. for ID proof.
2. The applicant should have 2 passport size photographs. If you want to make a nominee, then his identity card is also needed.
3. There should be a government-issued ID card or utility bill for address proof.
How will you get money every month
MIS is a better scheme for those seeking a fixed income every month. For the current quarter, the government has fixed an annual interest rate of 6.6 per cent for the scheme. If you open a joint account and invest 9 lakh rupees in it, then the total interest on this amount will be 59400 rupees according to the annual interest. To take it every month, it will be divided into 12 months of a year. In this way, you will get about 4950 rupees every month. On the other hand, if you deposited Rs 4,50,000 lakh through a single account, then the monthly interest would be around Rs 2475.
Also read: Sovereign Gold Bond or Gold ETF, what is better for investment and in which you will get more returns, know the details
HDFC Bank gives relief to people, mobile ATMs will reach COVID affected areas, there will be no problem of cash