POMIS Investment Limit Hiked from 1st April 2023: The person opening the account under the Post Office Monthly Income Scheme will get interest payment every month and the investment limit has also been increased.
The government has increased the investment limit for the investors of the Post Office Monthly Income Scheme (POMIS). Now individual account holders will be able to invest up to Rs 9 lakh. The investment limit has also been increased for joint account holders. The central government is giving an interest rate of up to 7.1 percent to the investors of this post office scheme. In such a situation, investors have a chance to earn more returns.
Under the Post Office Monthly Income Scheme
(POMIS), the investment limit for individual account holders has been increased from Rs 4 lakh to Rs 9 lakh. Whereas, the maximum investment limit for joint account holders has been increased to Rs 15 lakh. Earlier it was Rs 9 lakh. Investors will be able to deposit the amount under the increased investment limit from April 1, 2023 and earn more profits.
Interest rate on Monthly Income Scheme and minimum investment
The person opening the account under Monthly Income Scheme (MIS) will get interest payment every month. The interest rate for this program is revised by the government every quarter. The interest rate for the current January-March 2023 quarter is 7.1 per cent. The minimum investment limit under the scheme has been fixed at Rs 1000.
How to open Post Office Monthly Income Scheme Account
To open an account under the Monthly Income Scheme (MIS), the applicant has to submit the application along with some necessary documents to the post office. Applicant can collect the account opening form from the post office and submit it along with KYC form and PAN card. Joint account holders will also have to submit KYC documents. The form should be filled correctly and submitted after signing.
How will the interest payment of Monthly Income Scheme be done
Under the Monthly Income Scheme (MIS), interest is paid at the end of each month from the date of opening of the account till maturity. If the account holder has made an additional deposit, the interest rate applicable to the additional deposit will be applicable at the Post Office Savings Account rate only. The interest earned by the account holder will be taxable.
Tenure and rules of Monthly Income Scheme
The tenure of Monthly Income Scheme (MIS) is of 5 years. No deposit can be withdrawn before one year from the date of deposit. If the account is closed after one year but before three years, 2% of the principal will be deducted and the balance will be paid. If the account is closed after three years, 1% of the deposit amount will be deducted and the remaining amount will be paid.
