There are many types of saving schemes in the post office (Post Office Saving Schemes). Schemes like Fix Deposit, like bank, and other term savings schemes are also included here.
The Corona epidemic period has told people the importance of saving and investing. Everyone wants that they invest their saved money in a place where they get more interest and more returns. Along with this, the focus also remains on whether to invest in a place where money is safe. In such a post office is a very suitable place.
There are many types of saving schemes in the post office (Post Office Saving Schemes). Schemes like Fix Deposit like a bank to other term savings schemes are also included here. Getting more interest from the bank is a major feature of the post office. Therefore, investing in the post office is the first choice of the people.
The post office runs a variety of schemes for people of every category, where you can invest without any risk. One of the schemes of these schemes is the Post Office Monthly Income (POMIS) scheme. In this, you can get a fixed income every month.
Post Office Monthly Income Scheme (POMIS)
Under the Post Office Monthly Income Scheme, you can open an account for up to five years. Here the interest rate is calculated on an annual basis and monthly payments are made to the account holder. The central government decides the rate of interest on POMIS. It is decided every quarter based on the review.
Investment in POMIS will increase earnings
The specialty of this scheme is that it gives monthly returns. It is completely safe. This is a great scheme especially for senior citizens, in which they get a fixed monthly income as well as more interest. Under this scheme, two or three persons can also open a joint account. All the account holders will have equal share in such accounts. If you want, you can also convert single accounts into joint accounts if needed or at your convenience.
Who can open an account under this scheme
For POMIS scheme, an account can be opened in the name of anyone over the age of 10 years. The minimum deposit limit in this account is Rs 1,500 and the maximum amount is Rs 4.5 lakh. At the same time, the maximum limit for joint account holders is 9 lakh rupees. You can contact your nearest post office to open post office monthly income account.
Let us tell you that with some deduction, money can be withdrawn before time after one year. After one year and before three years there is a deduction of 2 per cent on the withdrawal of money. At the same time, after 3 years, there is a deduction of 1 percent of the amount deposited in the account. At the same time, after 5 years there will be no deduction, but the entire money will be safely returned.
Understand like this, how will you earn every month
For example, suppose that you have invested 4.5 lakhs in the post office monthly investment plan for 5 years. The interest rate on this scheme is 6.6 percent. In this case, his monthly income for this period will be Rs 2,475. That means the principal will be safe, you will get about two and a half thousand rupees every month. Post-maturity, i.e. after completing 5 years, you can withdraw your 4.5 lakh rupees from any post office. If you want, you can also get it in your savings account through electronic clearance service.
Also know the current interest rates on post office savings schemes
- Savings Account – on Savings Deposit: 4% on
- 1 to 3 years time deposit: 5.5% on
- 5-year monthly salary account: 6.6% on
- 5-year National Savings Paper: 6.8% on
- Kisan Vikas Patra: 6.9%
- Current Account (5 years On recurring deposits): 5.8% on
- 5-year time deposits: 6.7% on
- Senior Citizen- 5-year Savings Account: 7.4% on
- Public Provident Fund: 7.1% on
- Sukanya Samriddhi Account: 7.6%
Review of interest rates is done every three months
Interest rates are reviewed every three months and there is a possibility of this change. The government has made the interest rates public for January to March 2021, which has been mentioned above. During the quarter during which you will invest in the schemes, the interest rate will be available throughout the plan period. However, the rate of interest on Public Provident Fund (PPF) and Sukanya Samriddhi Yojana varies, and it applies accordingly.
