POMIS: Thinking of investing? Want a good scheme? Then give the key of investment to your wife. Then see how the lock of your luck opens. Actually, if you invest together with your wife, put money in a scheme with good returns, then you will earn every month, every year. Be tension free, this investment is also completely safe. Small savings schemes of post office are great. There is a scheme of the government, in which husband and wife can earn guaranteed income every month through a joint account. In this, the investment has to be made in lump sum.
Invest only once
You can earn income through Post Office Monthly Income Scheme (POMIS). There is a facility to open a joint account in MIS scheme. Both single and joint (up to 3 persons) accounts can be opened in this scheme. Investment has to be made only once in MIS account. Its maturity is 5 years. 7.4 percent interest is being given on MIS.
POMIS: This is how monthly income is decided
A maximum of 9 lakh rupees can be deposited in a single account in MIS. Whereas, the deposit limit in a joint account is 15 lakh rupees. There is also an option to withdraw the total principal amount after 5 years of maturity. Also, it can be extended for another 5 years. After every 5 years, there will be an option to take your principal amount or extend the scheme. The interest received on the account is credited to your post office savings account every month.
POMIS: Monthly income of ₹ 9250 for husband and wife
Suppose husband and wife open a joint account. They have deposited Rs 15 lakh in the joint account. The interest on this is Rs 1,11,000 per annum at the rate of 7.4 percent. If you divide it in 12 months, you will get Rs 9250 every month.
Facility to convert single to joint or joint to single
According to the rules, two or three people can open a joint account in MIS. The income received in exchange for this account is given equally to each member. A joint account can be converted into a single account at any time. A single account can also be converted into a joint account. To make any change in the account, a joint application of all the account members is required.
POMIS: Option to close prematurely
The maturity of MIS is 5 years. But, it also has the option of premature closure. Money can be withdrawn only after one year from the date of deposit. According to the rules, if you withdraw money between 1 year and 3 years, then 2% of the deposit amount will be refunded. If you withdraw money anytime before maturity after 3 years of opening the account, then 1% of your deposit amount will be refunded.
POMIS: Who can open an account?
Any citizen of the country can open the Post Office Monthly Investment Scheme. Options are open for both adults and minors. Account can also be opened in the name of the child. If the child is less than 10 years old, then the account can be opened in his name by his parents or legal guardian. When the child is 10 years old, he can also get the right to operate the account himself. For MIS account, you must have a savings account in the post office. Aadhar card, PAN card will have to be given for ID proof.
