India Post offers POMIS or Post Office Monthly Income Scheme, which is popular among the rural and urban masses. It’s very safe and is one of the best investment options for people who are looking for a constant source of income. You can invest up to Rs 4.5 lakhs individually or Rs 9 lakhs jointly, for an investment period of 5 years. The current Post Office Monthly Income Scheme interest rate is 7.7% per annum and the interest is paid on a monthly basis.
Let’s say a person has invested Rs 4.5 Lakhs in the post office monthly investment scheme for 5 years. His monthly income will be Rs 2,888 at the given interest rate for that period. Post-maturity, he can withdraw the Rs 4.5 lakhs, either from the post office or get it transferred to his savings bank account via Electronic Clearance Service or ECS.
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Capital protection is the primary objective of the Post Office Monthly Income Scheme. For the quarter ending 31st March 2019, interest rate is 7.7% per annum; payable monthly. The interest rate of the Post Office Monthly Income Scheme for the year 2018-19 is as follows. The details of the interest rates are provided on the basis of quarterly changes:
The rates are revised each quarter and are subject to change.
SEE ALSO: Post Office Monthly Income Scheme
The POMIS is a scheme offered by India Post. So, you can open the POMIS account at any of your nearest/ preferred Post Office branches. To open the account, you have to visit the post office and collect the application form.
Fill up the form carefully and also provide the nominee details. Submit the duly filled form and KYC documents at the post office branch, where you want to open the POMIS account. Do not forget to carry the original copies of ID proof for verification. Sign and complete the procedure to get started.
There are certain documents that must be submitted for verification purposes as mandated by the Indian Post Office rules. Listed below are the documents required to open a Post Office Monthly Income Scheme account:
Opening POMIS account is very simple. Follow the step by step procedure provided in the following section:
The key features of the POMIS scheme are mentioned below:
The facility of online payment is currently available for Recurring deposits at post office RD through Electronic Clearing Services (ECS). You can make an online payment by contacting an agent, who will use the post office agent portal and make the online payments on your behalf. The post office has not issued any clarification on the online payment, regarding the Post Office Monthly Income Scheme. However, you can enquire on the same and ask for more details at your post office branch. You can also ask your agent on the availability of online payment mode.
The Post Office Monthly Income Scheme also offers the facility of automation. For this, the account holder must open a savings account at the same post office where he availed the POMIS scheme. The account holder must submit a request for automatic transfer of monthly income scheme interest to the savings account.
The minimum investment required to open a post office monthly income scheme is Rs 1500 and the maximum limit is Rs 4,50,000 for single account holders. The maximum limit for joint account holders is Rs 9 Lakhs. You can make a one-time fixed amount and earn monthly income from the deposits. The limit has been set keeping in mind; the scheme must be accessible to all sections of society.
Can I open POMIS scheme online?
No, the facility of opening the Post Office Monthly Income Scheme online is not available. To open a POMIS account, you must visit the nearest post office. Once the account is opened, you can opt for e-banking facility of the Indian post office.
What is the maturity period of POMIS scheme?
The maturity period of the POMIS scheme is 5 years. So, the principal amount that you deposit will be locked in for a period of 5 years.
Is post office MIS premature withdrawal possible?
You can make a premature withdrawal, only after completing a year. However, before 3 years it will be at a discount of 2% of the deposit and after 3 years (before maturity) at the discount of 1% of the deposit.
How can a nominee or legal heir claim the POMIS account money in case of death of the depositor?
The nominee can submit the death certificate along with an application form and claim the maturity amount which is entitled to him/her. In case there is no nominee mentioned, then the legal heir can make a claim on the same.
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