Earn up to ₹9,250 every month with Monthly Income Account:Post Office scheme offering 7.4% annual interest, know its key features

If you want to arrange a monthly income for yourself, the Post Office National Savings Monthly Income Account would be a good choice. This scheme offers an annual interest rate of 7.4%. Through this, you can arrange a monthly income of 9,250 rupees for yourself. You need to invest in this scheme for 5 years. We are telling you about this scheme… First, know what the Post Office Monthly Income Scheme is. The Post Office Monthly Income Account is a small savings scheme backed by the Government of India. It is for those who want a fixed monthly income while keeping their money safe. This scheme is especially beneficial for retired people, senior citizens, and risk-averse investors. It can be called a type of term deposit.
You will get 9,250 rupees every month In this scheme, the annual interest earned is divided into 12 months, and that amount is credited to you every month. If you do not withdraw the money, it will remain in your Post Office Savings Account. No additional interest will be earned on this interest. Payments will be made only on the principal amount. Suppose you invest 9 lakh rupees in this scheme; at an annual interest rate of 7.4%, you will receive 66,600 rupees as annual interest. On the other hand, if you invest 15 lakh rupees under a joint account, you will receive 1 lakh 11 thousand rupees as annual interest. If this is divided equally into 12 months, you will receive 9,250 rupees every month. Note: This calculation is estimated. The government reviews the interest rates of small savings schemes every 3 months. The deposited money will be returned after 5 years Its maturity period is 5 years. Upon completion of the scheme, the entire deposited capital will be returned. If you wish, you can reinvest it in the same scheme and continue receiving monthly income. Who can open an account? Any Indian citizen can open this account. A joint account can also be opened in the name of a minor or by up to 3 adults. Minors over the age of 10 can also open an account under the supervision of their parents. Aadhaar-PAN mandatory for opening an account The central government has made PAN and Aadhaar cards mandatory for investments in post office savings schemes, including PPF, Sukanya Samriddhi, and National Savings Monthly Income Account. An Aadhaar number or Aadhaar enrollment slip is required to open an account. How can one open an account in this?