Business News Desk, Post Office Monthly Income Scheme (POMIS) is a great investment option for those who want to earn money every month. This government scheme is completely safe and gives 7.4% annual interest. Under this scheme, a maximum of Rs 9 lakh can be invested through a single account and up to Rs 15 lakh can be invested through a joint account.
Who can open this account?
Adults 18 years of age or older.
Joint Account (up to 3 adults).
Guardian in the name of minor.
If the minor has turned 10 years old, he can open an account in his own name.
investment rules
An account can be opened with a minimum of Rs 1000.
A maximum of Rs 9 lakh can be invested in a single account and Rs 15 lakh can be invested in a joint account.
The share of each account holder in the joint account will be equal.
How to get interest?
This scheme offers an interest rate of 7.4% per annum.
Interest is deposited directly into the customer’s account every month.
If the customer does not withdraw the interest amount, it gets added to the post office savings account and interest is also earned on it.
The maturity period of this scheme is 5 years, after which it can be extended with the new interest rate.
example of monthly income
joint account:
Investment: Rs 15 lakh.
Annual interest: Rs 1,11,000.
Monthly Income: Rs 9250.
Single Account:
Investment: Rs 9 lakh.
Annual interest: Rs 66,600.
Monthly Income: Rs 5550.
Benefits of the scheme
This scheme gives higher returns than bank FD.
After 5 years it can be increased at the new interest rate.
If the investor does not want to continue the scheme then the entire deposit is returned after 5 years.
Rules for premature account closure
The account cannot be closed before one year.
If the account is closed between 1 to 3 years, 2% of the amount will be deducted.
If the account is closed between 3 to 5 years, 1% of the amount will be deducted.
Post Office Monthly Income Scheme (POMIS) is a safe and reliable option that guarantees regular income. It is specially designed for those who want to get a fixed income every month by investing with low risk.
