Post Office Scheme : Post Office Monthly Income Account (POMIS) is a scheme in which after investing, a fixed amount is received every month. With attractive interest rates, this government scheme is a safe investment option and can become a good source of regular income.
The interest rate on Post Office Monthly Income Account is 7.4% per annum. In this scheme, a maximum of Rs 9 lakh can be deposited through a single account and a maximum of Rs 15 lakh through a joint account. The most special thing about this scheme is that being a government scheme, it is completely safe. Along with a single account, there is also a facility to open a joint account with husband and wife.
Who can open an account?
- Single account in the name of an adult
- Joint account (up to 3 adults)
- Guardians of a minor can open an account in his/her name
- If the minor has attained the age of 10 years, an account can be opened in his/her name as well
Deposit Rules
- A minimum of Rs 1000 is required to open an account.
- A maximum of Rs 9 lakh can be deposited in a single account and a maximum of Rs 15 lakh can be deposited in a joint account.
- In a joint account, each account holder has an equal share in the investment.
How is interest added?
This scheme is giving 7.4% interest per annum, which is credited to the account every month. If the customer does not withdraw this amount, it remains in his post office savings account and interest is also received on it. The maturity period of this scheme is 5 years, which can be extended later at the new interest rate.
How much money will I get every month?
- from a joint account
- Interest Rate: 7.4% per annum
- Maximum investment from joint account: Rs 15 lakh
- Annual Interest: Rs 1,11,000
- Monthly interest: Rs 9250
- From a single account:
- Maximum investment: Rs 9 lakh
- Annual Interest: Rs 66,600
- Monthly Interest: Rs 5550
Benefits of the scheme
The maturity period of Post Office Monthly Income Scheme is 5 years, but after that it can be extended with the new interest rate. This scheme is providing better returns than bank FD. If the investor does not want to continue it after 5 years, then the entire deposit amount will be returned.
Rules for premature closure of account
The deposited amount cannot be withdrawn before completion of one year.
If the account is closed after 1 year and before 3 years, 2% of the amount will be deducted and the remaining amount will be given.
If the account is closed after 3 years and before 5 years, 1% of the amount will be deducted and the remaining amount will be paid.
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