Postal Department of India comes up with various schemes that are safe, secure and deliver good returns upon retirement. This article is particularly important for those, who are planning for good post-retirement life and are considering investing in various schemes offered by the India Post.
India Post has come up with yet another retirement investment plan which will provide you with monthly income after you retire. Best thing about this plan is that you do not have to pay premium on a monthly basis. Instead, pay a lump Sum amount and avail maturity benefits after you retire.
The scheme is offering 6.6% annual interest. For the monthly income scheme, three people can also open a joint account.
Features & Benefits of Post Office Monthly Income Scheme:
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It must be noted that currently, the Post Office Monthly Income Scheme is offering a 6% annual interest on the deposited amount.
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The Investors can also open a joint account in the scheme to reap the maximum benefits of the scheme. Each Joint Holder has an equal share in joint account.
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An account can be opened with a minimum of Rs 1000and in multiples of Rs 1000. A single person cannot invest more than Rs 4.5 Lakh in the scheme and the Joint account has an investment limit of Rs 9 lakh.
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You can not withdraw your deposit before a year from the date of deposit.
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If the account is closed after 1 year and before 3 years from the date of opening, a deduction equal to 2 %from the principal will be deducted and the remaining amount will be paid.
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And if the account closes after 3 years and before 5 years from the date of account opening, 1% of the principal amount will be deducted and the amount will be paid.
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In case the account holder dies before maturity, the account shall be closed and the amount will be refunded to the nominee. Interest will be paid up to the preceding month, in which the fund is made.
Note – Farmers can also take benefit of this post office scheme.
