Post Office Monthly Saving Scheme 2024 – Save Rs 5,500 every month

Post Office Monthly Saving Scheme 2024 – Save Rs 5,500 every month

Post Office Monthly Saving Schemes 2024 is offering at least 5550 Rs for free every month! Post Office Monthly Savings Scheme is here for people looking for monthly returns and low-risk investments. We can now deposit more money in the Post Office Monthly Saving Scheme. Put up to 9 lakh from a single account and 15 lakh if you have a joint account.

The post office monthly saving scheme is one among many schemes. It is trustworthy like other nationalized banks and easy to invest in. If you are looking for monthly returns as interest from a savings Scheme, Post Office Monthly Saving Scheme 2024 is the better choice.

Your money stays safe for 5 years. The main goal of the scheme is to protect your initial investment. Right now, the interest rate is 7.40% per year, and you get it every month. In Post Office Monthly Saving Scheme 2024, You can start your investment with a minimum of 1000 Rs. You can open more than one account under this scheme in your name. But the total deposit amount cannot exceed Rs. 9 lakhs in all of them together.

For example, if you put Rs. 9 lakh in the Post Office Monthly Investment Scheme for 5 years. With the 7.40% interest rate, you will get Rs. 5,550 every month. After 5 years, you can take out Rs. 9 lakh plus all the interest either from any Post Office or directly to your bank account through ECS. Or, if you want, you can renew your account for another term which is 5 years.

Post Office Monthly Saving Scheme: Eligibility

  • Only Indian citizens (Indians) can open a POMIS account; NRIs can’t open.
  • Any candidate aged above 18 years can open a POMIS (Post Office Monthly Saving Scheme) account.
  • You can open an account for a minor aged 10 years and above.
  • The minor can access the funds when they turn 18 years old.
  • Once the minor becomes an adult, they must convert the account to their name.

How to open the Post Office Monthly Saving Scheme Account

  • Visit your nearest Post Office.
  • Open a post office savings account if you don’t have one.
  • Get a POMIS application form from the Post Office.
  • Fill out the form and provide photocopies of your ID and address proofs, along with 2 passport-size photos. Bring the originals for verification.
  • Your nominee(s) should sign the application form.
  • Deposit money into the account using cash or a cheque. If using a post-dated cheque, the date on it will be the account opening date.
  • After processing, the Post Office executive will give you details of your new account.

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