Post Office Monthly Income Scheme is not only one of the most popular schemes but it also guarantees monthly income to its customers and also keeps the investment of the customers safe without any risk.
Post Office Monthly Income Scheme (POMIS) has, over the years, emerged as the most preferred investment scheme for people of all ages and has proved to be a boon for people living in villages and remote areas of India.
This reliable post office monthly income government scheme guarantees a fixed monthly income to its account holders. Monthly interest is credited directly to the savings account of the customer every month.
Are you looking for an investment option that is sound, safe and capable of earning adequate returns with a short locking period, then you can consider investing in Post Office Monthly Income Scheme (POMIS).
Post Office Monthly Income Scheme is one such investment plan that promises investors a fixed monthly income with guaranteed returns at an interest rate of 6.70% per annum.
Key Features of Post Office Monthly Income Scheme
- The maturity period for Post Office Monthly Income Scheme (POMIS) is 5 years.
- Ideally, you should withdraw your investment amount after 5 years.
- POMIS account can be transferred from one post office to another post office.
- The best part is that the account transfer can be done absolutely free of cost.
- For each post office deposit, you need to open a separate post office bank account.
- The maturity amount received at the end of the tenure can be reinvested in POMIS.
- An investor can appoint a nominee for his Post Office Monthly Income Scheme account.
- Interest earned on POMIS is taxable but no TDS (Tax Deduction at Source) is deducted here.
Post Office Monthly Income Scheme (POMIS) interest rates
Post Office Monthly Income Scheme (MIS) interest rates are 6.7% per annum with effect from 01 October 2022 with monthly payable.
The maximum investment limit is ₹ 4.5 lakh in a single account and ₹ 9 lakh in a joint account.
An individual can invest a maximum of Rs 4.5 lakh in this scheme including his share in joint accounts.
For computing an individual’s share in a joint account, each joint account has an equal share of each joint holder.
How does the Post Office Monthly Income Scheme (POMIS) work?
Investing in Post Office Monthly Income Scheme is very easy, it requires minimum documentation. Investor can open his POMIS account with address proof, identity proof, passport size photo, Aadhaar card. The investor can opt for individual or joint account as per his/her convenience.
The table below shows the minimum and maximum amount that can be invested in Post Office Monthly Income Scheme.
|single account||Minimum ₹1,000 Maximum ₹4,50,000|
|joint account||Minimum ₹1,000 Maximum ₹9,00,000|
Who can open POMIS account?
- single adult
- Joint Account (Up to 3 Adults) (Joint A or Joint B))
- Guardian on behalf of minor/unsound mind
- Minor above 10 years of age in own name
Eligibility Criteria for Post Office Monthly Income Scheme (POMIS)
POMIS scheme is designed for investors looking for a source of assured monthly payouts and are risk averse.
This scheme is best suited to meet the needs of senior citizens and retired people.
Post Office Monthly Income Scheme is best suited for those who want a long term regular source of income.
A resident Indian investor can avail of the POMIS scheme.
NRIs cannot invest in Post Office Monthly Income Scheme.
The best thing about Post Office Monthly Income Scheme is that even a 10 year old minor can open POMIS account in his name.