Post Office Scheme: A monthly pension of Rs. 3300 can be deposited only Rs
Post Office Scheme: Many post office savings schemes save money as well as offer good profits. One such scheme is the post office MSI scheme. Under this scheme, you have to deposit money once and then you get interest amount like pension every month. In addition, a lump sum is refunded on maturity of the plan. The amount deposited under this scheme is getting 6.6% annual interest. The maximum investment limit is Rs 4.5 lakh in one account and Rs 9 lakh in joint account. The term of this scheme is five years.
What is a scheme?
At least 1000 and 100 times the amount can be deposited in the monthly income scheme of the post office. Under this scheme a maximum of three people can open a joint account. While an account can be opened in the name of the parents for a minor child. Post Office MIS account can also be opened in the name of the child after 10 years. In this scheme interest is calculated on annual basis, if you calculate interest on monthly basis you will not get extra interest.
Who can open an account
– An adult
A joint account of up to three adults can be opened.
– Guardian by a person with a minor / immature mind
Minor over 10 years in your name.
The money can be withdrawn even before 5 years.
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This post office scheme is completed in 5 years. However, you can withdraw your money even before that. 1 year after the account is opened, 2% of your original withdrawal amount is deducted. Also, there is a 1% penalty on withdrawals after 3 years.
On what basis do you get your monthly pension?
If you deposit Rs 50,000 in this account, you will get Rs 275 per month. This amount will be Rs. 3300 in one year and Rs. 16500 in five years. On the other hand, if you double the amount, the benefit will be doubled. This means that on depositing Rs. 1 lakh, you will get Rs. 550 per month. While depositing Rs 4.5 lakh in this scheme, you will get Rs 2475 per month, which you can use as a pension.