Invest in a Monthly Income Account for Regular Earnings: Earn Up to ₹9,250 Per Month

26 February, 2025
Invest in a Monthly Income Account for Regular Earnings: Earn Up to ₹9,250 Per Month

Winning Bizness Desk

Mumbai. If you are looking for a steady monthly income, either after retirement or even before, the Post Office National Savings Monthly Income Account can be a great option. This scheme currently offers an annual interest rate of 7.4%. Through this, you can earn up to ₹9,250 every month. Here are the key details:

Monthly Earnings of ₹9,250

  • The annual interest in this scheme is divided into 12 months and credited to your account every month.
  • If you do not withdraw the monthly earnings, the amount remains in your Post Office savings account and earns additional interest.
  • For example, if you invest ₹9 lakh in this scheme, you will earn an annual interest of ₹66,600 at a 7.4% interest rate.
  • If you invest ₹15 lakh under a joint account, you will receive ₹1,11,000 annually, which amounts to ₹9,250 per month.
  • If the interest is not withdrawn, it will continue to earn additional interest.

Note: The interest calculation is based on current rates, which the government reviews every three months.

Maturity Period and Withdrawal

  • The scheme has a maturity period of 5 years.
  • After maturity, you can withdraw the entire invested amount.
  • If you wish, you can reinvest the amount in the same scheme to continue receiving monthly income.

Who Can Open an Account?

  • The account can be opened in the name of a minor, and a joint account can be opened with up to three adults.
  • A minor above 10 years of age can open the account under the supervision of parents or guardians.

Aadhaar and PAN Now Mandatory

  • The central government has made PAN and Aadhaar mandatory for investing in small savings schemes like PPF, Sukanya Samriddhi, and National Savings Monthly Income Account.
  • To open an account under these schemes, you must provide an Aadhaar number or an Aadhaar enrollment slip.

How to Open an Account?

  • First, open a savings account at the post office.
  • Fill out the application form for the National Savings Monthly Income Account.
  • Deposit the required amount via cash or cheque.
  • Once the formalities are completed, your account will be opened, and you can start earning monthly income.

This scheme is ideal for individuals seeking a secure and steady source of income, making it particularly beneficial for retirees and those looking for fixed monthly earnings.