Post Office Monthly Income Scheme: National savings schemes in India are considered highly secure, thanks to the backing of the government.
Are you searching for a safe investment option that ensures regular monthly income and comes with the assurance of government backing? Whether you’re planning for retirement, looking to supplement your income, or aiming to grow your savings securely, there’s a solution designed just for you. With attractive interest rates and a reliable payout structure, this option could be your key to financial peace of mind. Let’s explore how it can transform your savings into a consistent income stream.
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Secure Your Future with the 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 payouts. It’s an ideal option for turning your savings into financial stability. Let’s dive into the details.
What is the Post Office National Savings (Monthly Income Account) Scheme?
The POMIS is a small savings scheme designed to provide participants with stable monthly income. Here are its key 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 Scheme Interest Rate 2024
Interest Rate: 7.4% per annum (as of now)
Post Office Monthly Income Scheme Eligibility
- Single adults
- Joint accounts (up to 3 adults)
- Guardians on behalf of minors or persons with unsound mind
- Minors above 10 years in their name
Post Office Monthly Income Scheme Calculator 2024
You can calculate your monthly payout using this formula:
Monthly Income = Deposit Amount × Interest Rate ÷ 12
For example:
- Rs 5 lakhs → Rs 3,083 per month
- Rs 9 lakhs → Rs 5,550 per month
- Rs 15 lakhs → Rs 9,250 per month
Note: The returns remain fixed throughout the 5-year tenure.
Salient Features of POMIS
Deposit Guidelines
- Open accounts with a minimum of Rs 1,000.
- Deposits in all accounts of a single individual must not exceed Rs 9 lakhs.
- Joint accounts allow equal investment shares up to Rs 15 lakhs.
Interest Payment
- Interest is credited monthly.
- Payments can be received via ECS or auto-credit to a linked savings account.
- Unclaimed interest doesn’t accrue additional interest.
- Interest income is taxable.
Premature Withdrawal
Allowed after 1 year, subject to penalties:
- 1–3 years: 2% of the deposit is deducted.
- 3–5 years: 1% of the deposit is deducted.
Maturity Benefits
- Accounts mature after 5 years.
- On maturity, the principal is refunded.
- In the case of the account holder’s death, the nominee/legal heirs can close the account, and interest will be paid up to the preceding month of closure.
Read More: Fixed Deposit schemes: Check FD plans that can give you 8% and more interest on investment
Why Choose POMIS?
- Guaranteed Returns: Backed by the government, ensuring safety.
- Regular Income: Ideal for retirees and conservative investors.
- Flexible Operation: Multiple account options, including joint accounts and minors.
Important Note
Investment decisions should be made after consulting certified financial experts. Interest rates and policies are subject to changes by India Post per the announcements by the government from time to time.
Disclaimer: The views and investment tips by experts in this News18.com report are their own and not those of the website or its management. Readers are advised to check with certified experts before making any investment decisions.
