Read about Post office Monthly Income Account / Scheme in India

Post Office Monthly Income Account

Post Office Monthly Income Account is meant for those investors who want to invest a lump sum and earn interest on monthly basis for their livelihood. The scheme is, therefore, a boon for retired or handicapped persons. They can just deposit an account and rest assured. They would get an amount every month and they can live on it. A good number of people go for this scheme on reaching retirement age. They just put their saving in a post office under this head and then they can just enjoy their life with family and friends while the post office, thanks to their deposited money, would take care of their monthly income.

How to Invest
One can invest in any head post office / sub-post office by cash, demand draft, or local cheques. You have to fill up the prescribed form and submit it with the amount. It would entitle you to withdraw an amount every month.

Who Can Invest
Maturity and Rate of Interest
Amount of Investment
Minimum invested amount has to be Rs 1500. Maximum amount is Rs. 4.50 lacs for single account and Rs Rs. 9.00 lacs for joint account. Minors have a separate limit of investment of Rs. 3 lakhs and the same is not clubbed with the limit of guardian.

Tax Benefits