POMIS is a trusted investment scheme which offers stable monthly income with decent interest rates. Have a look at the saving option, including the investment requirements for earning Rs 7,000, Rs 8,000 and Rs 9,000 monthly.
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POMIS: Key features:
Interest Rate: Effective January 1, 2024, POMIS offers a 7.4% annual interest rate, payable monthly.
POMIS: Investment Limits:
For single account the maximum deposit limit is Rs 9 lakh.
For joint account the maximum deposit limit is Rs 15 lakh which is shared equally among up to 3 holders).
For minimum deposit Rs 1,000, in multiples of Rs 1,000 can be invested.
POMIS: Eligibility
Single adult or joint accounts (up to three adults).
Guardians for minors or individuals of unsound mind.
Minors aged 10 or above can open accounts in their own name.
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POMIS: Premature closure
Withdrawal is not permitted within the first year.
POMIS: After an year
2% deduction on the principal amount for 1-3 years.
1% deduction on the invested amount for 3–5 years.
Premature closure requires submission of a form and passbook.
POMIS: Maturity period
The account matures after 5 years. The nominee or legal heirs can claim the balance along with applicable interest in case of the account holder’s death
POMIS: Tax implications
Interest earned under MIS is taxable as per the investors income slab.
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POMIS: Investment calculations for monthly income
To get specific monthly payouts, here’s how much you need to deposit in POMIS:
How much you need to invest to get Rs 7,000 per month?
An investment of Rs 11,40,000 can produce an income of Rs 7,030, every month approximately.
How much you need to invest to get Rs 8,000 per month?
A deposit of Rs 12,98,000 can produce an income of Rs 8,017, every month approximately.
How much you need to invest to get Rs 9,000 per month?
A deposit of Rs 14,60,000 can produce an income of Rs 9,003, every month approximately.
POMIS: Secured investment
POMIS is a government-backed scheme that offers guaranteed returns and low-risk investment opportunities. With automatic credit options to savings accounts, it’s an easy source of income especially for retirees and those expecting fixed monthly earnings.
