Post Office Monthly Income Scheme: Who doesn’t require money? Individuals put in a lot of effort for a small amount of income. However, there is some positive news for you. Now, with a lot of hard work, you can successfully make money every month. You have the opportunity to make money with the Post Office’s Small Savings Scheme Monthly Income Scheme (POMIS).
The Post Office Monthly Income Scheme offers appealing interest rates and a secure investment opportunity that can generate consistent income for individuals. The existing annual interest rate on the Post Office Monthly Income Account stands at 7.4 percent. In one account, up to Rs 9 lakh can be deposited, and in a joint account, up to Rs 15 lakh can be deposited. The Post Office Monthly Income Account is a small savings scheme supported by the government, offering assured returns. If there is a plan of the post office, then complete security is assured in it. In addition to a sole account, there is an option available to open a shared account with a partner.
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7.4% annual interest rate
This little savings plan offers a 7.4 percent annual interest rate. The yearly interest on your deposited money is split into 12 portions and will be credited to your account monthly. If you don’t take out the funds each month, they will stay in your post office savings account and you will earn additional interest by including this money in the initial deposit amount. The plan will mature in 5 years, and can be extended based on the updated interest rate after that period.