Post Office Monthly Income Scheme: In India, post offices have long been trusted institutions, especially when it comes to depositing and managing their hard-earned money. One such popular savings scheme offered by post offices across the country is the Post Office Monthly Income Scheme (POMIS).
Under POMIS, you can invest a lump sum amount and earn a fixed monthly interest on your investment. This scheme is offered by post offices under the purview of the Finance Ministry, making it a highly reliable and low-risk investment option.
Key Features of Post Office Monthly Income Scheme
- Maximum Investment:
Limit For an individual account, you can invest up to Rs. 9 lakh, while for a joint account (with 2 or 3 adults), the maximum investment limit is Rs. 15 lakh. This limit was enhanced in the latest Budget 2023-24.
- Interest Rate:
The interest rate for the POMIS scheme from April to June 2024 is 7.4% per annum, payable monthly. This rate is revised every quarter by the government.
- Tenure:
The investment period for POMIS is fixed at 5 years. After maturity, you can either withdraw the invested amount or reinvest it for another 5-year term.
- Capital Protection:
Since POMIS is a government-backed scheme, your invested capital is completely protected until maturity.
Additional Benefits
- Low-risk investment with guaranteed monthly returns
- Affordable deposit amount starting from Rs. 1,000
- Option to open multiple accounts (within the overall limit)
- Nomination facility to transfer benefits to family members
- Easy options for receiving monthly interest or reinvesting it
Eligibility Criteria
Any resident Indian adult can open a POMIS account, either individually or jointly. NRIs are not eligible for this scheme. Accounts can also be opened on behalf of minors aged 10 years and above.
Opening a POMIS Account
The process of opening a POMIS account is straightforward. Visit your nearest post office, submit the application form along with required documents, and make the initial deposit. The post office executive will guide you through the process and provide you with the account details.
With its attractive interest rate, capital protection, and flexible investment options, the Post Office Monthly Income Scheme is an excellent choice for those seeking a steady stream of monthly income with minimal risk.
Disclaimer: (This information is provided solely for informational purposes. It is important to note that investing in the market or a business idea involves market risks. Before investing money as an investor/ owner/ partner, always consult an expert. DNP News Network Private Limited never advises to invest money on stocks or any specific business idea. We will not be liable for any financial losses.)
