Planning your life ahead can be quite tricky. There are so many things you need to keep in mind and most of the time you are put in a spot of bother by not knowing the key investment points you have to envisage. The reason behind this is the fact that we consider our living cycle to be one that is covered entirely on our basis of investments and the fact that one day, you would have to invest in a way that you have a monthly income plan to take care of your daily life. These kind of plans are easy to invest in and anyone is eligible to be a part of it too.
Just as the name goes, the scheme gives you interest that is payable month on month, this is on the fixed deposit that is for any period between 1 to 10 years. The interest is paid on a monthly basis that is broken down on the monthly income slabs that are kept in place. This interest is credited to your account every month and this deposit can be places for anytime between 6 months to 10 years. Of course, this also means having a clear idea on the income you would have each month. In case you are a senior citizen, you would also stand to get 0.5% more in interest too. You can have a nominee in your monthly income plan too so that your investment is secure for the long run.
These kinds of plans are a definite hit amongst the long term investor. This is mainly because of the long term goals that are linked with it and the fact that you have complete understanding of the amount you would get as interest month on month, complete control of your future is in your hands.