Details about MIS Scheme in Post Office: Investment decisions should be taken after consulting certified financial experts. (Representative Image)
Are you looking for a safe investment option that ensures regular monthly income and comes with assurance of government support? Whether you’re planning for retirement, looking to supplement your income, or aiming to grow your savings safely, there’s a solution designed just for you. With attractive interest rates and a reliable repayment structure, this option can be the key to your financial peace of mind. Let’s find out how it can transform your savings into a steady stream of income.
Secure your future with Post Office Monthly Income Scheme (POMIS).
The Post Office Monthly Income Scheme (POMIS) offers a government-backed solution with attractive interest rates and guaranteed monthly payments. It is an ideal option to turn your savings into financial stability. Let’s dive into the details.
What is Post Office National Savings (Monthly Income Account) Scheme?
POMIS is a small savings scheme designed to provide participants with a stable monthly income. Here are its main highlights:
- Minimum Deposit: Rs. 1,000 (in multiples of Rs. 1,000)
- Maximum Deposit: Rs. 9 lakhs (single account) or Rs. 15 lakhs (joint account)
- Tenure: 5 Years (Fixed)
Post Office Monthly Income Plan Interest Rate 2024
Interest Rate: 7.4% per annum (so far)
Post Office Monthly Income Scheme Eligibility
- Single adult
- Joint accounts (up to 3 adults)
- Guardians on behalf of minors or persons of unsound mind
- Minors above 10 years in their name
Post Office Monthly Income Plan Calculator 2024
You can calculate your monthly payment using this formula:
Monthly Income = Deposit Amount × Interest Rate ÷ 12
For example:
- Rs. 5 lakh → Rs. 3,083 per month
- Rs. 9 lakh → Rs. 5,550 per month
- Rs. 15 lakh → Rs. 9,250 per month
Note: Compensation remains fixed during the 5-year tenure.
Key features of POMIS
Deposit Guidelines
- Open accounts with a minimum of Rs 1,000.
- The amount deposited in all the accounts of a single person should not exceed 9 lakh rupees.
- Joint Account Rs. Allows equal investment shares up to 15 lakhs.
Payment of interest
- Interest accrues monthly.
- Payments can be received through auto-credit to ECS or linked savings accounts.
- Unclaimed interest does not earn additional interest.
- Interest income is taxable.
Premature withdrawal
Approval after 1 year, subject to penalty:
- 1-3 years: 2% is deducted from the deposit.
- 3-5 years: 1% is deducted from the deposit.
Maturity benefits
- Accounts mature after 5 years.
- On maturity, the principal is returned.
- In case of death of the account holder, the nominee/legal heirs can close the account, and interest will be paid up to the month preceding closure.
Why choose POMIS?
- Guaranteed Returns: Government backed, safety guaranteed.
- Regular Income: Ideal for retirees and conservative investors.
- Flexible operations: Multiple account options including joint accounts and minors.
Important note
Investment decisions should be taken after consulting certified financial experts. Interest rates and policies are subject to changes by India Post as per announcements made by the Government from time to time.