What is Post Office Monthly Income Scheme(POMIS)?
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:
| Account Type | Maximum Investment |
|---|---|
| Single | Rs. 9 Lakhs |
| Joint Account | Rs. 15 Lakhs |
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:
| Description | Case 1 | Case 2 | Case 3 |
|---|---|---|---|
| Account Type | Individual | Joint | Minor |
| Invested Amount | 4,50,000 | 9,00,000 | 3,00,000 |
| Interest Rate | 6.60% | 6.60% | 6.60% |
| Lock-in Period (yrs) | 5 | 5 | 5 |
| Monthly Income | 2,475 | 4,950 | 1,650 |
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
