Your money grows quickly in this monthly scheme of the post office, this is how you have to invest

We all want to invest in such a scheme where we get good returns in a short period of time. And our invested money should also be safe. In the midst of uncertainty in the market, people look for a safe place to invest. One such place where you will get money every month and the amount invested by you will be completely safe is the monthly income scheme of the post office. Let us know about the interest rate and other features of this scheme.

Rate of interest

At present, the monthly income scheme of the post office has an interest rate of 7.1 percent per annum. This interest rate is applicable from 1 January 2023. Interest is paid every month in this scheme.

investment amount

In the monthly income scheme, investment can be made in multiples of Rs 1000. In this scheme, you can invest a maximum of Rs 4.5 lakh in a single account and Rs 9 lakh in a joint account. You can invest a maximum of Rs 4.5 lakh in the monthly income scheme. This includes his share in the joint account. Do note that while calculating the share of an individual in a joint account, each joint holder has an equal share in the joint account.

Who can open the account?

In this post office scheme, one adult, up to three adults can open a joint together. Apart from this, a guardian can also open an account on behalf of a minor or a person of weak mind. In this scheme, a minor above 10 years of age can also open an account in his own name.

Maturity

In this scheme, the account can be closed at the end of five years from the date of opening by giving the appropriate application form along with the passbook. In case of premature death of the account holder, the account can be closed and the amount will be refunded to the nominee or legal heir. Interest will be given till the last month in which refund is made.