Post Office Scheme: Growing costs can quickly empty your wallet. Under such circumstances, the Post Office’s Small Savings Scheme can assist you in earning a monthly income. The unique feature of the PO scheme is the ability for a husband and wife to open a joint account. The government guarantees the return on investment in the post office scheme. Because of this, investing in it doesn’t have to worry about financial loss. You can invest money in the Post Office Monthly Income Scheme (POMIS) because there is no risk involved.
Monthly Income through POMIS Deposits
You can receive money each month by making deposits into POMIS. This scheme has a five-year maturity period and allows the opening of both single and joint accounts. We would like to inform you that as of October, there is now more interest available under this scheme. You will now receive interest at a rate of 7.4% if you invest in this scheme. Be aware that the government modifies the interest received from POMIS on a quarterly basis.
Maximum Deposit for Single Post Office Account
The maximum amount that can be deposited into a single post office account under the scheme is Rs 9 lakh. In the event that a husband and wife open a joint account simultaneously, the maximum amount that can be deposited is Rs 15 lakh.
Joint Accounts in POMIS
Two or three people can open a joint account in POMIS. Each joint account holder receives an equal portion. Be aware that it is also feasible for someone to desire a single account rather than a joint account. In terms of withdrawals, you will get your money back after 2% interest is subtracted if you take money out within a period of one to three years. In addition, 1% of the deposit amount will be subtracted from the amount you wish to withdraw if you decide to do so after three years.
Annual Interest Rate
Assume you put ₹ 5,00,000 into this plan. You will receive interest at a rate of 7.4% annually for the next five years. In this instance, your monthly interest payment will be Rs 3,084. Your entire interest will be Rs 1,85,000 at the same time. This implies that upon the maturity of your POMIS account, you will only receive interest of Rs. 1,85,000 if you invest Rs. 5 lakh for five years. Additionally, the account will continue to receive more than Rs 3,000 each month.
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