Post office monthly income scheme –  Benefits, how to join,Documents, Eligibility 


      Post office is a trusted place for depositing and transacting money. A lot of saving schemes  are available  here.Post office monthly income scheme is an investment  scheme of the post office. You can invest a certain  amount and earn a fixed amount every month. Monthly income schemes provide the investor guaranteed  returns at 6.60% interest rate.And you will get it as a fixed monthly  income.

       It is a very good plan and it keeps capital intact,gives better returns, and provides a fixed monthly income. You can transfer this account from one post office to another.It can be done free of cost also. You should make a separate  account.  One person can open a lot of accounts. You can release the matured amount and reinvest it. The investor can appoint a nominee.There is no tax reduction to get your capital amount. The interest earned is taxable. 

      The maturity  term is 5 years.youcan withdraw the amount after5 years. If you withdraw the deposit within 1 year,you get nothing. But if you withdraw the deposit  within 1 to 3 years,you will get your deposit after a 2 % reduction. If  you withdraw  the deposit  after 3 years,you will get a deposit after 1% reduction. It requires  only minimum  documentation. It is guaranteed. 


  • It is mostly apt for senior citizens,retired people
  • The investor  should be resident  in India.
  • NRI can’t make an investment in this scheme. 
  • The entry age is 10 years.


  • Identity  proof (passport,PAN card,ration  card,voter ID)
  • Address proof
  • Photo

      You can invest lower capital  of investment  for a single account  is Rs 1000 and upper capital of investment for single account  is Rs 4,50,000.In a joint account, the lower capital  is Rs 1000 and upper capital  is Rs 9,00000.You will get annual interest rate 6.6%. If you invest Rs 4,50,000 for 5 years,you will get Rs 2,475 every month.And after the end of investment tenure, you will get a deposit back also.

        You can withdraw this amount directly  from the post office or credit to a savings  account. You can combine this account  with recurring  deposits.your  only is safe .The investor can nominate a beneficiary .you can collect post office monthly  income  scheme application form from post office .you can submit filled form with a photocopy of your ID,residential proof and can make initial deposit via cash or cheque.Its interest rate increased yearly. You can invest Rs 9 lakhs in a joint account, and  you will get Rs 4950/ month return.

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