In these schemes of Post Office, withdrawing money before maturity will result in losses! Failure to do so will result in a fine
New Delhi: Most of the people in the country talk about the post office rather than the bank, so people feel more inclined to invest. Talking about the post office, people are getting a chance to take advantage of higher interest. Apart from this, apart from the post office investment being safe, you also get the benefit of guaranteed returns. In the post office, people are being benefitted by running all kinds of schemes ranging from ordinary citizens to senior citizens. In such a situation, there are many such schemes which continue for many years. If you are planning to withdraw money before their maturity, then you will start making losses along with the penalty.
Know about Post Office Monthly Savings Scheme
If you see a lump sum amount for 5 years in the Post Office MIS i.e. Monthly Income Scheme, it can be deposited. With the help of this, you can easily get a fixed amount of money. You are going to get this amount only after 5 years. But if you need it before 5 years, then you have to pay penalty.
If you are planning to withdraw money within one year to three years, then 2% of the deposit amount is deducted and returned. On the other hand, if the account is more than three years old but you are planning to withdraw the money before 5 years, then it is also necessary to return the deposit amount after deducting 1% from the deposited amount.
Know about Recurring Deposit
Post office recurring deposit account is also considered for up to 5 years. Withdrawal facility is being given to the investors of Recurring Deposit Account only after 3 years. On premature withdrawal, you are going to get the benefit only according to the savings account.
Senior Citizens Saving Scheme will get benefit
In this post office scheme also you need to invest for 5 years. Talking about the date of opening the account, the deposit amount becomes mature after 5 years. But if you have to withdraw money from it before five years, then you get the benefit of depositing money. In this, if we talk about the amount deposited before the completion of 2 years, then 1.5% and after 2 years if we talk about the deposit amount, then 1% is being deducted as a penalty.
Know about PPF scheme
This scheme is for 15 years but some period is fixed in it. But if you are planning to withdraw money after 5 years with some conditions and close the account. But 1 percent interest is deducted from the date of account opening to the date of closure.
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