Deposit money just once in this Post Office scheme offering 7.4% interest and receive ₹6,000 every month..

Betiyon Ka Wallet: The Post Office runs several small savings schemes to financially secure the future of daughters. Investments in these schemes are considered safe as they are backed by a government guarantee. If you are looking for an investment for your daughter that ensures both capital safety and a fixed monthly income, the Post Office Monthly Income Scheme (POMIS) is an excellent option.

Currently, this scheme offers an annual interest rate of 7.4%. A key feature is that a single investment generates regular monthly income in the form of interest. Notably, you can start investing in the Post Office Monthly Income Scheme with as little as ₹1,000, and after just five years, you will receive a substantial monthly payout.

How to invest?
You can deposit up to ₹9 lakh in a single account and up to ₹15 lakh in a joint account under this scheme. An individual can open more than one account, provided the total investment does not exceed the prescribed limit. For instance, if an investor deposits ₹5 lakh, they will earn approximately ₹37,000 in interest annually at a rate of 7.4%. When distributed over 12 months, this amounts to a monthly credit of approximately ₹3,083.

Who can open an account?

Only a resident citizen of India can open this account.
Under this scheme:
An adult can open a single account.
A joint account can be opened by up to three adults.
Parents or legal guardians can open an account in the name of a minor child.
An authorized guardian can open an account on behalf of a mentally unsound person.
A minor aged 10 years or older can also operate this account in their own name.

When can money be withdrawn?
The scheme has a lock-in period of five years; however, the account can be closed prematurely if the need arises.

However, there are certain rules:
Money cannot be withdrawn before the completion of one year from the date of account opening. If the account is closed after one year but within three years, 2% of the deposited amount will be deducted.
If the account is closed after three years but before five years, a deduction of 1% will apply.
The interest earned under the scheme can be credited monthly to a Post Office Savings Account or a bank account via ECS. If the interest is not withdrawn in a particular month, no additional interest is earned on that amount.

Let's understand with a calculation:
For instance, if you invest ₹10 lakh in the Post Office Monthly Income Scheme (POMIS), at the current annual interest rate of 7.4%, you would earn approximately ₹74,000 in interest over a year. This translates to a monthly credit of around ₹6,167 to your account. The scheme has a tenure of 5 years. Upon maturity, you will receive your entire principal amount of ₹10 lakh back, while the monthly interest payouts can be used for regular expenses or other needs.
Similarly, if an individual deposits ₹5 lakh, they could receive approximately ₹3,083 per month based on the current interest rate. The deposited principal is also returned upon the completion of the five-year tenure.

Why is it special for a daughter's future?
If parents wish to arrange for a regular income stream in their daughter's name, this scheme can prove beneficial. The monthly payout can be utilized for the daughter's education, coaching, books, or other essential expenses. Furthermore, the entire deposited amount is returned after five years, which can be used for higher education or other significant goals. For families seeking a safe investment and a guaranteed monthly income while avoiding risk, the Post Office Monthly Income Scheme can be an excellent option.

Disclaimer: This content has been sourced and edited from News18 Hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.