This document focuses on the Post Office Monthly income Scheme. One of several attractive saving options offered by the Post Office. Alongside the Post Office Saving Account(POSA), Post Office Recurring Deposit(RD), and Post Office Time Deposit(TD), POMIS stands out for its competitive interest rate of 7.4%. As the name implies, POMIS offers a unique advantage – monthly interest payouts. his feature provides a predictable source of income, potentially enhancing your financial planning. Additionally, like all post office schemes, POMIS benefits from the backing and security of the Ministry of Finance, ensuring a reliable and trustworthy investments.

Benefits:

• Regular Income
• Safety
• Fixed Interest Rate
• Low Minimum Investment
• Tax Benefits
• Joint Accounts

PMIS details:

Eligibility:

• Indian citizenship.
• A guardian is permitted to open an account on behalf of a minor or a person of unsound mind.
• Minors aged 10 years and above have the eligibility to open an account in their own name.

PMIS Interest Rates:

The Post Office Monthly Income Scheme offers a competitive interest rate of 7.4% per annum, compounded monthly for 2024. See the table below for historical POMIS interest rates.

Interest Calculation:

How to Apply for POMIS:

• Visit a Post Office Branch
• Fill out the Application Form
• Submit Documents
• Such as a government-issued ID (Aadhaar card, Driving license, Passport)
• Proof of Address – Utility bills, rental agreements
• Recent Passport-sized photo
• PAN Card for tax purposes.

Details of Mahila Samman Saving Certificate

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The Mahila Samman Savings Certificate is a one-time scheme available for two years, from April 2023-March 2025. It will offer a maximum deposit facility of up to Rs. 2 lakh in the name of women or girls for two years at a fixed interest rate. Stocks, Real Estate, Crypto – Smart Financial Moves!

Mahila samman Saving Certificate Main facts

Launch date:    Budget 2023-2024

Launched by:   Finance Minister Nirmala Sitharaman

Who can apply:   Girls & Women

Minimum Deposit amount:  10,000

Maximum Deposit amount:  2,00,000

Interest rate:  7.5%

Maturity Period:   March 31,  2022

Partial withdraw:   Allowed

Partial withdraw limited:   Up to 40% of balance of one year

Tax benefit Under Section 80C:   No

Tax under the head:   Income from Other Source

Government-Backed Scheme

Mahila Samman Savings Certificate scheme is a small savings scheme backed by the government. Hence,it does not have any credit risk.

Eligibility

The Mahila samman saving Certificate can be done only in the name of a girls child or women. A woman or the guardian of minor girl child can open a Mahila Samman Saving Certificate scheme.

Validity

The scheme is valid for a two-year period from April 2023to March 2025. It will expire on March 31,2025 . After this Period, you cannot invest in this scheme.

Deposit limited

The minimum deposit amount under the Mahila Samman Savings Certificate is Rs.1,000 in multiples of rupees one hundred. The maximum deposit amount is Rs.2 lakh in one account or all Mahila Samman Savings Certificate accounts held by an account holder. A woman or guardian of a girl child can open a second Mahila Samman Savings Certificate account after a minimum gap of three months from the opening of the existing account.

Interest Rate

This scheme has a fixed interest rate of 7.5% p.a., much highter than most bank Fixed Deposits(FDS) and other popular small saving schemes. The interest will be credited quarterly and paid at the time of closure of the account.

withdrawal

A partial withdrawal facility is provided under the Mahila Samman Saving Certificate scheme. The account holder can withdraw up to 40% of the account balance after one year from the account opening date.

Tax Benefits:

The principal amount invested in MSSC does not qualify for tax deductions under Section 80C of the Income Tax Act, unlike some other savings schemes such as Public Provident Fund (PPF) or National Savings Certificates (NSC).

How to open Mahila Samman Saving Certificate account?

Step-1:   Visit the nearest pot-office branch
Step-2:   Ask for the account opening form(Form I).
Step-3:   Fill the form provide relevant KYC documents like Aadhaar card, PAN, address proof etc,.

Alternatively, you can find and download this form online on the India Post offcial portal under ‘Application for purchasing the certificate’. Take a printout, fill it and then go to the post office.
Step-4:   Submit Form-I on or before March 31,2025.
Step-5:   Deposit the money by cash or cheque.
Step-6:   The post office will issue you a certificate after all is done.

More Details for Mahila Samman Saving Certificate

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