Post Office Monthly Income Scheme (POMIS) 2023 : Post Office Monthly Income Scheme @indiapost.gov.in : Post Office Monthly Income Scheme (POMIS) is an investment scheme recognized and approved by the Ministry of Finance. . With a 6.6% interest rate, it is one of the most lucrative schemes.
Interest is given every month in this scheme. After opening POMIS account, individuals can invest suitable amount based on affordability,
Get income every month, through post office: which, however, should not be less than 1500. It offers low risk and steady income where the investor can deposit every month and get interest in post office MIS as per their applicable monthly rate. The concerned post office distributes monthly investment income.
Scheme Features:
- Maturity Period – The maximum tenure of Indian Post Office Monthly Income Scheme is 5 years.
- Number of holders- minimum 1 and maximum 3 persons can hold post office MIS.
- Nomination- After the death of the investor, only the nominee will get all the benefits of the scheme. After opening the account can be assigned to the nominee later.
- Transfer- Individuals can transfer their MIS account to any post office anywhere in India.
- POMIS Bonus- Accounts opened after 1st December 2011 do not have the facility of bonus. However, those who open before that get 5% bonus.
- Taxability: There is no TDS or tax deduction for any income generated by this scheme. The tax benefit of the Post Office Monthly Income Scheme is zero.
Benefits of Post Office Monthly Income Scheme Scheme
- Capital protection – Government backs it, returns are secure.
- LOW RISK INVESTMENT- There is no risk in market capitalization in post office monthly income online scheme.
- Lock-in period: The minimum lock-in period is five years, after which the loan can be canceled.
- Cost-effective premium: Compared to other plans, the monthly premium is affordable and simple to pay.
- Invincible from Flugava – Even during Flugava, the investor can get monthly income.
- Multiple Fund Owners – Multiple fund owners can hold the same account as joint holders.
- Ease of transaction- Money transactions including deposits and withdrawals are very easy.
- Good for risk-averse investors – Post Office Monthly Income Scheme is the best scheme for risk-averse investors who want monthly income. It is suitable for those seeking a steady income and a long-term investment. It’s the best plan for the elderly.
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Current Interest Rates:
- Tenure (in years): 1, Interest Rate: 5.50%
- Tenure (in years): 2, Interest Rate: 5.50%
- Tenure (in years): 3, Interest Rate: 5.50%
- Tenure (in years): 5, Interest Rate: 7.6%
Post Office Monthly Income Scheme Investment Details:
- Single Account – The minimum deposit amount is ₹1500 and the maximum is ₹4,50,00.
- Joint Account – The minimum investment amount is ₹1500 and the maximum is ₹9,00,000.
- Minor Account – The minimum investment amount is ₹1500 and the maximum is ₹3,00,000.
Maximum Investment Limit:
Single Account: ₹4,50,000; Joint Account: ₹9,00,000; Minor Account: ₹3,00,000
Special Notes:
For example, if an investor invests ₹ 1,00,000 for 5 years with a monthly interest of 6.60%. Fixed monthly income will be ₹ 550 as per post office MIS scheme.
The Seniors’ Monthly Income Scheme from the Post Office is 6.6%.
The minimum lock-in period for Post Office Monthly Income Scheme 2021 is 5 years.
Eligibility for Post Office Monthly Income Scheme
- The applicant must be residing in India.
- The age of the applicant should be at least 18 years.
Note: You can open an account with a married woman who is 10 years old or above. When the children reach the age of 18 years, they will be able to access the fund. After attaining the age of majority, the minor needs to apply for account conversion in his/her name.
excluded
This system is not applicable to non-resident Indians.
Application Process Offline
To open an account under the Post Office Monthly Income Scheme, follow the steps given below-
- If you don’t have one, open the same account
- Collect application form from your post office or download POMIS account application form from the following link:https://www.indiapost.gov.in/VAS/DOP_PDFFiles/form/Accountopening.pdf
- Fill and submit the form along with self-attested copies of all required documents at the post office. You will have to carry the original documents for verification.
- Mention Name, DOB and Mobile No. Nominee (if any)
- Proceed to make the initial deposit (minimum Rs.1000/-) by cash or check
required documents
- Proof of Identity: Copy of ID issued by the Government like Passport/Voter ID Card/Driving License/Aadhaar etc.
- Address proof: Government issued ID or recent utility bill.
- Passport size photographs
Post Office Monthly Income Scheme (POMIS) 2023
- Download – Application Form
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