POMIS: In the Post Office Monthly Income Scheme, a maximum of Rs 9 lakh can be deposited in a single account and a maximum of Rs 15 lakh can be deposited in a joint account. Whatever amount you deposit, you are given interest every month. At present, the interest rate in this scheme is 7.4 percent.
What is the rule on withdrawal of amount before completion of maturity period?
If after investing in this scheme, you want to withdraw the amount before the completion of the maturity period, then you do not get this facility for 1 year. After 1 year, you get the facility to withdraw money from the account, but in this you incur loss because some money is deducted from your deposited amount as penalty.
If you withdraw money between one year and three years, then 2% of the deposit amount is deducted and returned. Whereas if you want to withdraw money after three years of opening the account and before 5 years, then the deposit amount is returned to you after deducting 1% from the deposited amount.
What are the rules of extension
You do not get the facility of extension in Post Office Monthly Saving Scheme. If you want to avail the benefits of the scheme further, then you can open a new account after maturity.
How much income can you make every month
If you deposit Rs 9 lakh in a single account in the Post Office Monthly Savings Scheme, then at the rate of 7.4 percent interest, you can get a monthly income of Rs 5,500 every month. Whereas if you deposit Rs 15 lakh in a joint account, you can earn an income of Rs 9,250 every month.
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