Post Office Monthly Income Scheme: The Post Office (Post Office) Monthly Income Scheme (POMIS) is a government small savings scheme, which gives investors a chance to earn a fixed amount every month. Under this scheme, a lump sum is deposited in the account under single or joint account. According to that amount, money keeps coming in your account every month. The scheme is of 5 years, which can be extended for another 5-5 years. Being a post office scheme, it is completely risk free and the government guarantees security for 100% investment here. Know how the amount coming in the monthly account is decided under the post office MIS scheme. How much can you avail of this?
Any Indian citizen can invest in the Post Office Monthly Income Scheme.
Who should invest in this scheme
Post office monthly income is a better scheme for those investors who want fixed income every month, that too in a very safe manner. Apart from this, if a lump sum is received after retirement, then the fixed amount can be earned every month by keeping that amount safe. If you want regular returns by investing one time instead of installment, then this is a good option.
How much can you invest
Post office monthly income scheme has the facility to open both single and joint accounts. A maximum investment of Rs 4.5 lakh can be done through a single count. At the same time, if you have a joint account, you can invest a maximum of 9 lakh rupees. There can be a maximum of 3 adults in a joint account. But the maximum limit is only 9 lakhs.
Rate of interest
For the current quarter, the government has fixed an annual interest rate of 6.6 percent for the post office monthly income scheme.
How is the amount in the monthly account decided?
- Suppose that you have deposited 9 lakh rupees in the post office monthly income scheme through an incoming joint account.
- According to the 6.6 per cent annual interest rate, the total interest on this amount will be Rs 59400.
- This amount will be divided in 12 months of the year.
- In this way, the interest for each month will be around Rs 4950.
- At the same time, if you deposit Rs 4,50,000 lakh through a single account, then the monthly interest will be Rs 2475.
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How to open an account?
- For this, you have to have a savings account in the post office.
- For this, you have to have Aadhaar card or passport or voter card or driving license etc. for ID proof.
- It is necessary to have 2 passport size photographs.
- There should be a government-issued ID card or utility bill for address proof.
- If these documents are ready, go to the post office and fill the post office monthly income scheme form first. You can also download it online.
- By filling this form correctly and submitting all the required documents, you can open this account easily.
- Along with filling the form, the nominee’s name will also have to be given.
- To open this account, one has to deposit 1000 rupees in cash or by check.