The interest rates for PO MIS are reviewed and revised by the government every quarter. The government has announced a hike in the interest rate for the April to June 2023 quarter.
From April 1, 2023, the new investment made in this scheme will get an interest rate of 7.4% per annum. The interest rate has been increased by 0.30% which was earlier 7.1%.
The Finance Ministry has increased the investment limit in the Post Office Monthly Income Scheme (POMIS). According to the notification issued by the Ministry of Finance on March 31, 2023, a person can now invest a maximum of Rs 9 lakh in a single account of POMIS and Rs 15 lakh in a joint account. Earlier the time limit for investment in single and joint accounts was Rs 4.5 lakh and Rs 9 lakh respectively. The increase in investment limit under PO MIS was announced in Budget 2023.
This scheme is used as a way of safe investment of monthly income. Senior citizens can also invest in this scheme to get higher monthly interest.
Does it quarterly. The government has announced a hike in the interest rate for the April to June 2023 quarter. From April 1, 2023, the new investment made in this scheme will get an interest rate of 7.4% per annum. The interest rate has been increased by 0.30% which was earlier 7.1%.
