The Post Office operates the Post Office Monthly Income Scheme (POMIS), a savings scheme. In this way, investors can get regular income every month by depositing a fixed amount. This scheme is suitable for those who want a regular monthly income at a low risk.
Key Features:
1. Investment amount: You can invest from a minimum of ₹ 1,000 to a maximum of ₹ 9 lakh (for joint account) and ₹ 4.5 lakh (for individual account).
2. Interest rate: According to the quarterly review, the current interest rate is 7.4%.
3. Tenure: The scheme has a five-year term.
4. Monthly interest: Every month, your post office or bank account will receive interest payments on the deposited amount.
Post Office Schemes
5. Tax benefits: There is no tax exemption on the amount deposited in this scheme, but the interest received is taxable.
This scheme is beneficial for the elderly or those who want safe and fixed income on their investments.
The Post Office Monthly Income Scheme (POMIS) is a very safe and stable scheme, specifically designed for those looking for regular monthly income. Let’s delve into some more significant aspects of this scheme:
More details:
The POMIS scheme provides a nomination facility. If the account holder dies, the nominee gets the deposit amount.
Account opening process:
You can open an account under this scheme at any nearest post office.
Identity proof (e.g., Aadhaar card, PAN card) and address proof (e.g., electricity bill, ration card) are required to open an account.
You can open the account individually or jointly. You can open a joint account with up to three people.
3. Premature withdrawal:
A deduction of 2% of the deposit amount will occur if you close the account after 1 year but before 3 years.
We will deduct 1% if you close the account after a year.
Reinvestment option: After completion of the 5-year period, you can again invest in the same scheme or invest the money in any other savings scheme.
Risk-free investment: Since it is a government scheme, your money is completely safe. It ensures both capital protection and regular monthly income.
Use of interest: You can pay for your daily expenses, your children’s education, or other monthly needs with the interest you receive under this scheme.
POMIS is an excellent option for investors who want to keep their capital safe while also receiving interest in the form of a fixed amount every month.
