Post Office Monthly Income Scheme (POMIS): Single and joint accounts can be opened in MIS. Its maturity is for the next 5 years from the opening of the account. This scheme is offering 7.4 percent annual interest from January 1, 2024.
Post Office Monthly Income Scheme (POMIS) calcualtor: Do a job, earn money, then invest and earn interest. But, due to the maturity period in most of the schemes, there is a long wait for your money. If there is such a scheme in which you invest money once and forget it but the income keeps coming home every month, then how would it be? Post office solves this problem of yours. Guaranteed income on investments without risk. Monthly Income Scheme of Post Office is the best option. You have to deposit money in MIS once, then you will get guaranteed income every month for the next 5 years. There is option of single and joint account in MIS. From January 1, 2024, MIS is getting an annual interest of 7.4%.
Post Office MIS: What is it and how beneficial
In this scheme of post office, you can deposit up to Rs 9 lakh in single account (POMIS account) and up to Rs 15 lakh in joint account. If you wish, your total principal amount will be returned after the maturity period of 5 years. At the same time, it can be extended for further 5-5 years. After every 5 years, there will be an option to take the principal amount or extend the scheme. The interest received on the account is paid every month into your savings account.
POMIS: Guaranteed income will be Rs 66,600
Suppose a single account is opened in the post office MIS and a maximum of Rs 9 lakh is deposited. The annual interest on this is 7.4 percent. In this way, there will be an income of Rs 5,550 every month. In this way the income in 12 months will be Rs 66,600. In this way, the total guaranteed income from interest in 5 years will be Rs 3.33 lakh.
What are the rules regarding joint account?
According to the rules, two or three people can open a joint account in MIS. The income received from this account is given equally to every member. Joint account can be converted into single account at any time. Single account can also be converted into joint account. To make any change in the account, all the account members have to give a joint application. Premature closure may occur in this. But then there is tax deduction.
Account will be opened with just ₹1000
In POMIS scheme, an account can be opened with a minimum investment of Rs 1000 and investment can be made in multiples of Rs 1000. According to India Post, interest in MIS is paid every month. Any Indian citizen can invest in Post Office Monthly Income Scheme (POMIS).
Which documents will be required?
To open an MIS account, you must have Aadhaar Card or Passport or Voter Card or Driving License for ID proof. You will have to provide 2 passport size photographs. Utility bills will be valid for address proof. Apart from this, the form of Post Office Monthly Income Scheme will have to be filled. You can also download it online. Nominee details are required.
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