Post Office Scheme 5550 Rupees : Among the various savings schemes run by the Indian Postal Department, the Post Office Monthly Income Scheme is a very popular and reliable investment option. This scheme is especially beneficial for those who want regular monthly income as well as complete protection of their capital. In today’s time when investors are troubled by market fluctuations, this government scheme provides a stable and reliable means of income.
The biggest feature of this scheme is that it comes with a government guarantee, so investors do not have to worry about their money. This initiative of the Postal Department is proving to be a boon for those families who are looking for a source of regular income after retirement or who want to meet monthly expenses from their savings.
Calculation of investment amount and profit
The investment limit in Post Office Monthly Income Scheme depends on the type of account. If you open a single account, you can invest a maximum of Rs 9 lakh. In case of a joint account, this limit increases to Rs 15 lakh. Currently, this scheme is offering an annual interest rate of 7.5 percent.
According to the calculation, if a person invests nine lakh rupees in a single account, he gets an annual interest of sixty four thousand six hundred rupees. If we look at it on a monthly basis, this amount becomes about five thousand five hundred fifty rupees. On investing fifteen lakh rupees in a joint account, the monthly income can reach about nine thousand two hundred and fifty rupees.
Eligibility Criteria and Account Opening Conditions
To participate in this scheme, it is necessary to fulfill some basic conditions. The first condition is that the applicant must be a citizen of India and must be at least eighteen years of age. Only one person is required for a single account while a maximum of three persons can join a joint account.
This account can also be opened for minor children above the age of ten years but it must be operated by a guardian. The minimum investment amount has been fixed at one thousand rupees which makes it accessible to the common man. This scheme is suitable for people of all economic classes as one can start investing in it even with a small amount.
Main advantages and features of the plan
The biggest feature of this scheme is its five-year tenure. After this time period, the investor gets back the entire interest amount along with the principal. If the investor wants, he can invest this amount again in the same scheme. Being run by the Postal Department, this scheme is considered safer than other private investment options.
The interest is paid on time and fixed which makes it a reliable income source. This scheme is especially useful for those who do not have a high risk appetite but want good returns on their savings. This scheme offers stable returns even in times of inflation.
Application Process and Required Documents
To open an account in this scheme, you have to go to your nearest post office. From there you can get detailed information about the Monthly Income Scheme and can also take the application form. It is necessary to fill all the personal information of the account holder like name, address, and other details correctly in the form.
Among the required documents, you can submit any of the Aadhar card, PAN card, driving license or passport for identification. Ration card or domicile certificate is required for address proof. Apart from this, passport size photo also has to be submitted. After completing all the formalities, the account is opened by the post office officer and investment can be started immediately.
Disclaimer: This article is written for general information purposes only. For accurate information on the latest interest rates, terms and conditions of the Post Office Monthly Income Scheme, please contact your nearest post office or visit the official website of the Indian Postal Department.
