post office monthly income scheme
I give as sured returns. I am a debt instrument provided by the government of In dia. You'll find me at post offices.
How do I work?
I pay an interest rate of 8% per annum, which is payable monthly.
I mature after six years. So, if you deposit Rs1 lakh in me today, I will give you a monthly income of Rs666 for six years. On maturity, you will get back your Rs1 lakh and a bonus.
You can invest a maximum of Rs4.5 lakh in an individual account and Rs9lakh in a joint account in the de nominations of Rs1,500. You can withdraw me prematurely after a year. If you do so before three years, 2% will be deducted from your total deposit. After three years, 1% would be deducted.
Who can buy me? I can be opened by an individual, joint ly by two or three adults, and a minor through a guard ian. In fact, a minor who has turned 10 who has turned 10 can open an account in his own name. I work best for retired em ployees or senior citizens, who have a lump sum in the form of provident fund or other savings to invest and want regular income.
Red flags about me: Post offices have not been known for best customer services. While things are improv ing with computer ization, not all post offices are computerized yet.
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