Post Office Monthly Saving Scheme: Post Office Monthly Saving Scheme (POMIS) is a very popular savings scheme and the government is offering more than 7 percent interest on investment in it.
Saving schemes are being run in the post office for every age and class. These give excellent returns as well as guarantee the safety of investment. One of the special schemes among these is the Post Office Monthly Income Scheme, which is a scheme that gives income to the investor every month. In such a situation, if you are planning to start investing on this Diwali, then this can prove to be a better option.
Interest is available at the rate of 7.4%
This monthly income scheme of the Post Office is also giving excellent returns. The government offers 7.4 percent interest in this scheme. The most special thing about this scheme is that by investing in it, your tension of income ends every month. The maturity period of this government scheme is 5 years and money cannot be withdrawn from it till one year after the account is opened. In this, you can open an account with just Rs 1000.
You can invest up to Rs 9 lakh
The investment limit for account holders investing under Post Office Monthly Savings Scheme (POMIS) is Rs 9 lakh. On the other hand, if we talk about joint account, then the maximum limit for this has been fixed at Rs 15 lakh. Let us tell you that this limit has been increased and implemented on 1 April 2023 last year. This is a single investment scheme and once you invest, you can arrange for guaranteed income for yourself every month under this scheme.
Closing the scheme is a loss-making deal
In this scheme, you cannot close the account for one year after opening it. On the other hand, if you close the Post Office Monthly Income Scheme account before three years, then a charge of 2 percent is applied for it, while on closing this account after 3 years and before 5 years, a charge of 1 percent is levied.
Calculation of monthly income
In this scheme of Post Office, income is guaranteed every month from lump sum investment and if we calculate the income every month in it, then if you invest Rs 5 lakh in it for five years, then you will get an income of Rs 3,084 every month according to the interest rate of 7.4 percent. On the other hand, if we look at the maximum limit of an individual account holder i.e. Rs 9 lakh, then the income every month will be Rs 5,550. Apart from monthly, you can also take this interest income on quarterly, half-yearly or yearly basis.
It is easy to open an account under this scheme
It is very easy to open an account under Monthly Income Scheme (MIS). For this, you can visit your nearest post office and submit the application along with the necessary documents in the post office. Applicants can take the account opening form from the post office and submit it along with the KYC form and PAN card. KYC documents have to be submitted in case of joint account holders as well. Meanwhile, keep in mind that while filling the form for opening an account, enter all the information correctly.
