Post Office Scheme: Post Office's powerful scheme, young and old will all become rich..

Post Office Scheme: There comes a time in life when you have a large lump sum of money in hand. Perhaps it's a retirement fund, proceeds from selling a property, or some other large investment. Managing a large sum of money isn't as easy as it sounds, especially for those who want their money to be safe and risk-free. If your search has come to a halt with a "no-risk, guaranteed income" scheme, a great Post Office scheme can prove to be a boon. This scheme not only provides regular income to the elderly for their monthly expenses, but young people can also take advantage of it to meet their financial needs. This scheme is the Post Office Monthly Income Scheme.

Guaranteed Income of ₹1.11 Lakh Annually
This Post Office scheme works exactly as its name suggests. It ensures you receive a fixed monthly income on your investment. The most important feature of this scheme is that you only need to deposit this amount once, for a period of 5 years. The interest earned on your principal is credited to your account every month. This means you can invest once and enjoy a comfortable monthly income for the next five years. You can invest in this scheme either individually (single account) or jointly with your spouse (joint account), which increases the investment limit.

Currently, POMIS offers a robust annual interest rate of 7.4%, which is a fantastic return, independent of market risks. If you open a joint account as a husband and wife, the maximum investment limit increases to ₹15 lakh. If you invest ₹15,00,000 in a joint account, your monthly earnings will be ₹9,250 at an annual interest rate of 7.4%. Thus, your total earnings will be ₹1.11 lakh by the end of one year. The earnings over five years will be ₹555,000.

How much will you earn in a single account?
For those who have a lump sum but want to invest alone, the Post Office Monthly Income Scheme is an excellent option. You can deposit a maximum of ₹9 lakh in a single account. Investing ₹9 lakh at a rate of 7.4% will earn you ₹5,550. Thus, you can earn a total of ₹333,000 in fixed income over 5 years.

The principal will also remain safe.
Another major feature of this scheme is that your principal amount remains completely safe. After the completion of the 5 years, you get back your entire ₹15 lakh (in the case of a joint account) or ₹9 lakh (in the case of a single account). This makes this scheme a better option than a fixed deposit (FD), as you receive monthly interest and your principal remains safe. If you wish, you can extend the scheme for a further 5-year term after the 5-year term is completed.

Anyone can open an account.
Opening an account under the Post Office Monthly Income Scheme is very easy. Any Indian citizen can invest in it. Furthermore, you can also open an account in your child's name. However, if the child is under 10 years of age, only their parents or legal guardians will operate the account. To open an account, you must visit your nearest post office. There are certain required documents and conditions.

Having a savings account at a post office is mandatory.
You must have your Aadhaar card and PAN card as proof of identity.

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