The Indian investors are highly skewed towards fixed income assets as most of them are conservative. The reason behind the success of various fixed income schemes launched by the government is Indian investors prefer going for investments that provide assured returns and are either risk-free or bear minimal risk.
One such institution that offers fixed income instruments is India Post. Having penetrated the interiors of our nation, the post office is one of the most trusted Financial Institutions at least among the rural folk. People have been securing and preserving hard-earned savings with the post office even before banks were introduced in the economy.
India Post offers a host of savings schemes among which the most popular is POMIS, Post office monthly income scheme.
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POMIS is the monthly investment scheme offered by the post office under the cognizance of the Indian Finance Ministry. It is a fixed income scheme that offers assured returns to the investors at a current rate of 7.3% for the quarter Jan to March 2020. The dividends are paid on a monthly basis; hence making it an excellent option as a secondary source of income.
POMIS is among the safest investment options that promises a decent return on investment. The scheme is available in rural areas.
See Also: List of Post office Tax Saving Schemes
See Also: Post Office Monthly Income Saving Scheme
POMIS is not only a monthly investment scheme but also carries a bouquet of features for its customers. Some of the key features are:
POMIS is a monthly investment plan that allows you get regular income with lump sum investment. The prevalent rate of return is 7.3% revised each quarter with a maturity period of 5 years. If you withdraw money within 1 year of deposit, you will not get anything. If you withdraw money between 1 to 3 years of deposit, you will get your deposit back with a 2% penalty. If you withdraw money after 3 years of deposit, you get your deposit back with a 1% penalty.
POMIS is an excellent way of ensuring a continuous monthly income. The account can be opened in the name of a beneficiary as well as for self. As the scheme is backed by the government, it is a risk-free investment.
See Also: Post Office Monthly Income Scheme
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