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All You Need To Know About POMIS Research Team | Posted On Monday, April 01,2019, 06:12 PM

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All You Need To Know About POMIS



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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All You Need To Know About POMIS

POMIS Interest Rate:

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:

  1. From 1st January 2018 to 31st March 2018 the POMIS interest rate is 7.3%.
  2. From 1st April 2018 to 30th June 2018 the rate is 7.3%.

The rates are revised each quarter and are subject to change.

SEE ALSO:  Post Office Monthly Income Scheme

Where To Open an Account?

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.

Documents Required for POMIS:

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:

  • An account opening application form from your nearest post office
  • Two passport sized photographs
  • Address proof: Aadhaar card, ration card, voter ID card
  • Identity proof: PAN card, driving license.
  • Declaration in form 60 or 61 as per the Income Tax Act, 1961

SEE ALSO:  Documents Required for Opening POMIS Account

How to Open POMIS?

Opening POMIS account is very simple. Follow the step by step procedure provided in the following section:

  1. Visit the nearest post office and open a post office savings account if you don’t have one.
  2. Collect the application form for the POMIS scheme from the post office.
  3. Fill the form with the required details and submit the form.
  4. Fill nominee details and get the nominee’s signature before making a submission.
  5. Attach copies of identity and address proof and 2 passport size photos along with the application form.
  6. Carry the original documents for verification at the post office.
  7. Make the initial deposit either by cash or through cheque.

Key Features of POMIS:

The key features of the POMIS scheme are mentioned below:

  1. The post office monthly income scheme can be held jointly or individually.
  2. An individual can opt to open a POMIS account with a minimum amount of Rs 1,500. The individual can also opt to invest a higher amount which should be in multiples of Rs 1,500.
  3. The maturity period of this scheme is 5 years from the date of opening the account.
  4. In case of a joint account, each holder has equal share.
  5. You can deposit by cash or through cheque/DD.
  6.  Any number of accounts can be opened in any post office, subject to maximum investment limit by adding the balance in all accounts.
  7. The POMIS scheme continues to earn interest after the maturity period, if the amount is not withdrawn by the account holder.
  8. The account holder can also add a nominee.
  9. The POMIS account can be freely transferred across post offices.
  10. There is no specified limit on the number of POMIS accounts held singly or jointly. The accounts are subject to maximum cumulative balance criteria. Cumulative maximum balance for individual accounts are Rs 4.5 Lakhs and jointly held accounts is Rs 9 Lakhs
  11. Interest from POMIS scheme is deposited directly into post office savings account.
  12. The post office monthly income scheme does not enjoy Section 80C benefits and the interest income is taxed.
  13. Account can be opened in the name of a minor and a minor of 10 years and above can open and operate the account.
  14. If the account has been opened for your child, you can change the account to the child’s name after applying for conversion.
  15. The POMIS account can be withdrawn ahead of time, after the completion of a year. But, if you are doing it before three years, there will be a 2% deduction from the deposit and after three years, it would be 1% deduction from the deposit.

Online Payment Options:

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.

Deposit Limits:

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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