Discover How to Earn ₹9,250 Monthly from Monthly Income Account: Savings and Investments Tips!
If you’re looking to arrange monthly income for yourself or your parents, the National Savings Monthly Income Scheme offered by the post office can assist you. Currently, this scheme offers an interest rate of 7.4% annually. Through this, you can arrange a monthly income of ₹9,250 for yourself.
You’ll receive ₹9,250 per month
In this scheme, the annual interest is compounded monthly, ensuring you receive that amount every month. If you don’t withdraw the monthly interest, it will remain in your post office savings account and earn additional interest.
Consider that if you invest ₹9 lakhs in this scheme, you’ll receive an annual interest of ₹66,600 at the rate of 7.4%. If you open a joint account with ₹15 lakhs, you’ll earn an annual interest of ₹1,11,000. If you choose to reinvest it every 12 months, you’ll receive ₹9,250 monthly. Even if you don’t earn returns, you’ll still receive interest on your principal amount.
Note: This calculation is approximate. The government reviews the interest rates on small savings schemes every three months.
Your deposited money will be returned after 5 years
The maturity period for this scheme is 5 years. This means after the completion of the scheme, you’ll receive your entire investment back. If you wish, you can reinvest this amount in the same scheme and continue earning monthly income.
Who can open the account?
This account can be opened in the name of minors, and it can also be opened as a joint account for three adults. Even grandparents aged 10 years or more can open accounts under the supervision of parents.
Aadhaar-PAN necessary to open an account
The Central Government has made it mandatory to provide Aadhaar and PAN card for opening accounts in schemes like PPF, Sukanya Samriddhi, and National Savings Monthly Income Account offered by the post office. Henceforth, providing either the Aadhaar number or the Aadhaar enrollment slip will be necessary to open accounts in government schemes.
