Post Office scheme: Investing in a Post Office scheme can be a safe and lucrative option for those looking to earn money from the comfort of their own home. The Post Office offers a Monthly Income Scheme that allows you to earn a steady income by opening a joint account with your spouse.
Once you open this account, you can start earning a monthly income through interest payments. This scheme provides a guaranteed source of income, and you will receive separate payouts for both the husband and wife. It’s worth noting that you can open both single and joint accounts under this scheme.
The current annual interest rate for the Post Office Monthly Income Scheme stands at 7.4 per cent. Under a single account, you can invest up to Rs 9 lakh, while in a joint account, which includes both husband and wife, you can invest up to Rs 15 lakh. Upon maturity, you can choose to withdraw the principal amount or extend the investment for another 5 years. If you decide to extend, you’ll continue to receive interest payments, which will serve as your monthly earnings.
To illustrate, let’s consider a scenario where a husband and wife jointly invest Rs 15 lakh in this scheme. At an annual interest rate of 7.4 per cent, they would earn an annual interest of Rs 1,11,000. When distributed over 12 months, this amounts to Rs 9250 as monthly interest income. It’s worth mentioning that you can also open an account in this scheme with up to three people, and the interest earned will be divided equally among all account holders.
Regarding premature withdrawals, the maturity period for the MIS scheme is 5 years. However, you do have the option for premature closure. If you withdraw the money between one to three years from the date of deposit, a 2 per cent deduction will apply to the withdrawal amount. After three years, the deduction decreases to 1 per cent.
In summary, the Post Office Monthly Income Scheme offers a secure way to earn a consistent monthly income, making it an attractive option for those looking to invest and generate earnings without leaving their home.
