Investment options for retired: #2 Post Office Monthly Income Scheme
Saturday, June 3, 2017, 6:18 PM
POMIS is a five-year investment with a maximum cap of Rs 9 lakh under joint ownership and Rs 4.5 lakh under single ownership. The investment in POMIS doesn't qualify for any tax benefit and the interest is fully taxable. Instead of going to the post office each month, the interest can be directly credited to the savings account of the same post office.