Post Office Scheme- If you want to get a monthly pension after retirement, then invest in this scheme

Human life is unpredictable, no one can say what will happen to whom, in such a situation, if you are a working person and are worried about your retirement, then the Post Office Monthly Income Scheme will remove your worry, it is a popular savings option for individuals who want to invest a lump sum and get a stable monthly income. Let's know about it-

Investment limits:

Individual account: You can invest up to ₹9 lakh.

Joint account: Up to ₹15 lakh can be deposited.

Interest rate:

Currently, this scheme offers an interest rate of 7.4% per annum, which is paid monthly.

Tenure:

The investment is locked in for 5 years. At the end of this period, you can withdraw your principal amount or reinvest it.

Withdrawal Rules:

Before Maturity: Withdrawal is allowed after 1 year, but the penalty will apply.

Extension: The scheme cannot be extended beyond 5 years.

Safety and Tax Benefits:

The scheme is backed by the government, which ensures that your investment is safe.

The interest earned does not come under Section 80C, and TDS (tax deduction at source) is not applicable.

Investment Flexibility:

You can invest in multiples of ₹1,000.

You can hold multiple accounts, but the total investment across all accounts cannot exceed ₹9 lakh.

Joint accounts can include up to 3 people, allowing a maximum investment of ₹15 lakh.

Eligibility Criteria

Residence: Only Indian residents can open a POMIS account. NRIs are not eligible.

Age: Adults can open an account. Minors aged 10 years and above can also open an account, but they will have to convert it into their name when they turn 18.