Earn every month with this post office scheme, returns are also excellent, know the complete way to invest money.

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Photo: Reuters Post Office

The Post Office provides many excellent options for small savings schemes. There is a scheme in which you can get your income every month if you want, it is called Post Office Monthly Income Scheme. This scheme (Post Office Monthly Income Scheme) is quite popular. If you want, you can get interest amount as return every month on the amount invested in it. According to India Post’s official website, under this scheme, the account can be closed if you wish after five years of maturity.

Who can invest and what is the limit?

Any Indian citizen can open an account under Post Office Monthly Income Scheme (Post Office MIS Scheme). In this you can open account alone, jointly or with three people. Any minor above ten years of age can invest in this scheme in his own name. The account is opened with a minimum of Rs 1000 and can be invested in multiples of Rs 1000. However, the scheme has a fixed maximum investment amount. You can invest up to Rs 9 lakh in a single account and up to Rs 15 lakh in a joint account.

Interest or profit on the scheme

Currently, the Post Office MIS scheme is offering 7.4% interest on the amount invested. It gives monthly returns on account opening date. Each member has an equal share in the joint account. We tell you here, if an investor does not claim the interest amount every month, then no additional interest is paid on that interest amount. Also, if one invests more than the prescribed amount, it is returned and interest from the savings account is applied.

These are the conditions attached to the scheme.

If you want to open an account under this scheme (Post Office MIS Scheme), you can close it after the maturity period. For this, the passbook and the completed closing form have to be submitted to the post office. If the account holder dies before maturity, the account is closed and the remaining amount is given to the nominee. Also keep in mind here that you cannot withdraw money from the account before one year.

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