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If you're looking for a scheme that provides a fixed income during your job or after retirement, you should definitely learn about the Post Office Monthly Income Scheme.

Post Office Monthly Income Scheme: Indian investors are constantly looking for good options for saving and investing. If you're looking for a scheme that provides a fixed income during your job or after retirement, you should definitely learn about the Post Office Monthly Income Scheme.

Like many good investment options, this scheme offers a guaranteed interest return of 7.4 percent annually. Furthermore, your money is safe in this scheme. Once you invest in this scheme, you receive a fixed income every month for the next 5 years.

Key Features of the Post Office Monthly Income Scheme

The Post Office Monthly Income Scheme, also known as the National Savings Monthly Income Scheme, is a small savings scheme offered by the government, specifically designed for retired individuals who want to earn good returns on their investments without taking any risk. This scheme works similarly to a fixed deposit, but investors receive monthly interest.

You can start this scheme with a minimum deposit of ₹1,000. The maximum deposit allowed is ₹9 lakh for a single account and ₹1.5 million for a joint account. For example, if you deposit ₹9 lakh in a lump sum, you will receive ₹5,550 in interest each month. Furthermore, if you deposit ₹1.5 million, you will earn ₹9,250 per month.

How to Get Started?

To start the National Savings Monthly Income Scheme, first open a savings account at your nearest post office. Then, fill out the National Savings Monthly Income Scheme form. When submitting the form, you can deposit your funds in cash or by check.