Business News Desk – Do you want regular income as well as guaranteed security of your money? Then Post Office Monthly Income Scheme will be right for you. This scheme is supported by the government. Its interest rate is attractive. By investing in this you can get regular income every month.
Minimum deposit Rs 1000
The minimum deposit in Post Office Monthly Income Scheme (POMIS) is Rs 1,000. Investment can be made in multiples of Rs 1000. The maximum deposit limit for a single account is Rs 9 lakh. The maximum deposit limit for a joint account is Rs 15 lakh. The duration of this scheme is 5 years.
The current interest rate is 7.4 percent per annum
The government reviews the interest rate of this scheme from time to time. At present the interest rate of this scheme is 7.4 percent. Any adult can open an account in POMIS. Maximum three people can open a joint account. A guardian can open a POMIS account on behalf of a minor.
In this way you will earn Rs 9000 every month.
In this scheme, a maximum of Rs 9 lakh is allowed to be deposited in an account. There will be an income of Rs 5,550 every month from this deposit. A maximum of Rs 15 lakh is allowed to be deposited in a joint account. This will generate an income of Rs 9,250 every month. The returns from this scheme are fixed for 5 years.
tax on interest income
It is important for investors to know that the interest income of this scheme comes under the ambit of tax. This means that if an individual’s income exceeds the exemption limit, he or she will have to pay tax on the interest income of the POMIS scheme. If a person has no other income, then the income of this scheme will not come under the ambit of tax.
premature withdrawal
After depositing in this scheme, if for some reason you want to withdraw money, you can withdraw it only after one year. For this you will have to pay a fine. If you withdraw money within 1 to 3 years, 2% of the deposited amount will be deducted. If you withdraw money after more than 3 years but before completion of 5 years, 1% of the deposited amount will be deducted.
