Small Saving Scheme: If you want to earn every month by depositing money once, then this post office scheme will be better for you. Let us know the complete details about the scheme…
Many schemes of Post Office give benefits of lakhs to the people. Along with this, they also give the benefit of tax exemption and loan. In most of its schemes, a lump sum amount is given after completion of maturity. Under the Post Office’s Small Saving Scheme, annual tax rebate of up to Rs 1.5 lakh can be claimed on tax.
One such scheme of the post office is the Monthly Income Scheme, which comes under small savings schemes. This is a safe investment plan and after depositing money once in this, big money can be earned every month. In this scheme, an account can be opened by depositing only Rs.1000. You can open an account under the Monthly Income Scheme by visiting any nearest branch.
How much will be earned every month
If you want to earn money every month and deposit a lump sum of Rs 4.5 lakh in the Monthly Income Scheme, then you will get an amount of Rs 29,700 annually. If you want income on this amount every month, then you will be given Rs 2475. This amount will be given after the maturity period of 5 years. Also, an annual interest of 6.6 percent is given under the scheme. In this scheme, benefits can also be availed by opening a joint account.
What is the condition under this scheme
Any investor can take advantage of this scheme after 18 years. However, if you want to withdraw money from it after 1 year, then you will not be given this amount, but if you withdraw the amount between 3 to 5 years, then the money is returned by deducting 1% of the total principal amount.
What documents are needed
The scheme can be availed by visiting any nearest branch of the post office. To open an account under the scheme, you must have Aadhaar card, PAN card, income certificate, residence certificate and other documents.
