Post Office Income : Do you want regular monthly income on your investment? If you are looking for a safe option with government guarantee, then Post Office Monthly Income Scheme (POMIS) can be the best option for you. This scheme is a good way to avoid money problems after retirement and keep your savings safe.
What is Post Office Monthly Income Scheme (POMIS)?
POMIS is a small savings scheme designed by the government to provide a stable monthly income. These are its benefits.
- Minimum deposit: ₹1,000 (in multiples of ₹1,000)
- Maximum deposit: ₹9 lakh (single account) or ₹15 lakh (joint account)
- Period: 5 years (fixed)
- Interest Rate (2024)
- Interest Rate: 7.4% per annum
Eligibility
- Single Adult
- Joint accounts for up to three adults
- Guardians for minors or mentally incompetent persons
- Minors above 10 years of age in their own name
How to calculate monthly income?
- Formula for calculation of monthly income under POMIS:
- Monthly income = Deposit amount × Interest rate ÷ 12
Example:
- ₹5 Lakh → ₹3,083 Monthly
- ₹9 Lakh → ₹5,550 Monthly
- ₹15 Lakh → ₹9,250 Monthly
Post Office Monthly Income Scheme
- An account can be opened with a minimum of ₹1,000.
- The total deposits in all the accounts of a person cannot exceed ₹9 lakh.
- Investment of up to ₹15 lakh is possible in a joint account.
- payment of interest
- Interest is credited every month.
- Payment can be taken through ECS or auto-credit to the linked savings account.
- No additional interest is accrued on unclaimed interest.
- Interest is income taxable.
- premature withdrawal of money
- Withdrawal allowed after 1 year, but with penalty:
- 1–3 years: 2% reduction.
- 3–5 years: 1% reduction.
Maturity Benefits
- The account matures after 5 years.
- On maturity the basic amount deposited is returned.
- In case of death of the account holder, the nominee or legal heir can close the account.
Why choose POMIS?
Safe Returns: It is run by the government and the money is completely safe in it.
Regular Income: Retired individuals and conservative investors will benefit.
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