Who can open an account?
You can also open an account with your child’s name. If the child is less than 10 years old, an account can be opened in his name on behalf of his parents or the Legal Guardian. When the child is 10 years old, he can also get the right to operate the account himself. At the same time, after getting an adult, he gets the responsibility himself.
How much money will you have to invest?
Anyone can open a monthly investment scheme account. If you have a single account, you can deposit up to Rs 4.5 lakh. An amount of at least Rs 1,000 can be deposited in it. At the same time, if your account is joint, then a maximum of 9 lakhs can be deposited in it. One person can open more than one but according to the limit fixed by the post office. There is no benefit of any tax rebate on the amount deposited in it and the interest you get from it. Although the post office does not deduct any kind of TDS on the income you earn from it, but the interest you receive on the monthly is included in your taxable income on the annual total.
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What will be the income every month?
Under the income scheme of every month, 6.6 percent interest is paid annually. This annual interest is distributed over 12 months, which you get on a monthly basis. If you have deposited Rs 9 lakh, then your annual interest will be around Rs 59,400. In this context, you will have an income of about Rs 4,950 every month. You will get Rs 4,950 every month, while your 9 lakh rupees will be added back after maturity period by adding some more bonuses. If you do not withdraw money every month – if you do not withdraw money every month, then it will remain in your post office saving account and by adding this money along with the principal, you will get further interest.
In how many years will it be completed?
The maturity period for the scheme is 5 years. After 5 years, you can invest your capital in this scheme again.
How to open an account?
You can open an account at any post office as per your convenience. For this, you will have to submit a photocopy of one of the Aadhaar card, Voter ID, PAN card, ration card, driving license. Apart from this, address proof has to be submitted, in which your identity card can also be used. Apart from this, you have to submit 2 passport size photographs.
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Withdraw money before maturity?
If you have to withdraw all the money before maturity on any need, then you get this facility on completion of 1 year of the account. If you have an old account from 1 year to 3 years from the date of opening the account, you get the remaining amount back by deducting 2% from the amount deposited in it. If you have an account that is more than 3 years old, you get 1% of the amount deposited in it and the rest is returned to you.