Post Office Monthly Income Scheme: Invest Rs 5000 and get Rs 8 lakh

The Post Office has several investment projects. Also these plans are safe. Post office monthly plan is also one of these. Post Office Monthly Income Scheme is a popular savings option that provides guaranteed monthly income to investors.

Investors who want to deposit more can create more wealth by investing Rs 5000 every month. In Post Office Monthly Income Scheme you can deposit Rs 5000 monthly and accumulate around Rs 8 Lakhs at maturity.

What is Post Office Monthly Income Scheme?

Post Office Monthly Investment Scheme is a low risk investment scheme offered by the Indian Postal Service. Investors in this scheme can get fixed amount every month. It is an attractive option for those who want steady income. The maturity period of this scheme is 5 years. It is a good choice for both short-term and long-term investors.

How long will it take to get 8 lakhs?

To calculate the time taken to deposit more than Rs 8 lakh in Post Office Monthly Income Scheme, we need to consider the following factors:

Monthly Deposit: Rs 5000

Maturity Period: 5 years

Using these details, we can calculate the total deposits over 5 years:

Total Deposit = Monthly Deposit × Number of Months

Calculate the interest earned in 5 years:

Interest Earned = Total Deposit × Interest Rate

Interest rate of Post Office Monthly Income Scheme may vary. The last time the interest rate was revised in September 2021, the interest rate was around 6.6 percent. Check the current interest rates provided by our post office to get an accurate calculation.

Once you have the total amount deposited and interest earned, you can determine the total amount deposited after 5 years. Keep in mind that compound interest plays a role in the final amount.

The Post Office Monthly Income Scheme provides a reliable way to deposit savings over time. By depositing Rs 5000 every month and availing the interest rates of the scheme, investors can deposit more than a certain Rs 8 lakh.

Also Read: Anna Bhagya Scheme: Money not credited for 14 lakh account