Post Office Monthly Income Scheme Interest Rate Explained

The government has increased the interest available on many small savings schemes of the post office from April 1, 2023. Due to this, National Savings Monthly Income Account is now giving 7.4% annual interest. Through this scheme, you can arrange an income of Rs 9,250 for yourself every month. We are telling you about this scheme, so that you too can arrange monthly income for yourself by investing in it.

Earning Rs 9,250 every month It is getting 7.4% annual interest. The interest received annually is distributed over 12 months and you continue to receive that amount every month. If you do not withdraw the money monthly, it will remain in your post office savings account and by adding this money along with the principal amount, you will get further interest.

Suppose if you invest Rs 9 lakh in this scheme, then now you will get interest of Rs 66 thousand 600 annually at the rate of 7.4% annual interest. Whereas if you invest Rs 15 lakh in it under joint account, then you will get annual interest of Rs 1 lakh 11 thousand. If you divide it equally in 12 months, you will get Rs 9,250 every month. If the returns are not withdrawn then interest is also earned on that.

Note: This calculation has been done approximately. The government reviews the interest on small savings schemes every 3 months.

You will get your deposited money back after 5 years Its maturity period is 5 years. That means, after completion of the scheme, you will get your entire deposit back. However, if you wish, you can maintain this source of monthly income by investing this money again in this scheme.

Who can open an account? This account can be opened in the name of a minor and a joint account can also be opened in the name of 3 adults. An account can also be opened in the name of a minor above 10 years of age under the supervision of parents.

Aadhar-PAN is necessary to open an account The central government has made PAN and Aadhar card mandatory for investing in post office savings schemes including PPF, Sukanya Samriddhi and National Savings Monthly Income Account. From now on, it will be necessary to provide Aadhaar number or Aadhaar enrollment slip to open an account in government schemes.

According to the new rule, PAN and Aadhaar will have to be submitted mandatorily. If the person wants to invest in these schemes but does not have an Aadhaar number then he can submit the enrollment slip. After 6 months, the account holder will have to compulsorily submit the Aadhaar number. If the person fails to submit the Aadhaar number then the investment made by him will be frozen and will be restarted only after getting the Aadhaar number.

How can one open an account in this?

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