Want Monthly Income After Retirement? THIS Post Office Scheme Is All You May Need

New Delhi: Looking for a reliable option to ensure a steady income post-retirement? Look no further than the Post Office Monthly Income Scheme, a government-backed initiative accessible to individuals from diverse socioeconomic backgrounds. With attractive returns and the assurance of government ownership, these schemes provide a secure avenue for investment.

Post Office Monthly Income Scheme

The Post Office Monthly Income Scheme allows you to invest a lump sum amount and receive a regular monthly pension sourced from the interest on your deposited sum. (Also Read: From 150 Rejections To Building Rs 64,000 Crore Empire: Meet The Man Whose Father Is Often Called 'Third Son' Of Dhirubhai Ambani)

Post Office Monthly Income Scheme: Current Interest Rate

With a current interest rate of 7.4 per cent, this scheme presents an opportunity to earn a monthly pension of Rs 9,250. (Also Read: Rs 6,000 Crore Mega-Mansion Owned By THIS Billionaire Is India's Second Tallest Building - In Pics)

Post Office Monthly Income Scheme: Joint Account

Whether you opt for an individual or joint account with your spouse, the scheme ensures a secure investment, with the flexibility to withdraw the principal amount after the maturity period.

Post Office Monthly Income Scheme: Extend Maturity Period

You can also choose to extend the scheme for an additional five years.

For those considering a joint account with their spouse, the scheme offers an increased investment limit of Rs 15 lakh, generating an annual interest of Rs 1,11,000.

Post Office Monthly Income Scheme: Premature

Notably, premature closure options are available, allowing investors to make partial withdrawals after one year from the date of deposit, with a deduction from the deposited amount ranging from 1 to 2 per cent depending on the withdrawal timing.