Post Office Monthly Income Scheme (POMIS): Single and joint accounts can be opened in MIS. Its maturity is within 5 years from the date of opening the account. From January 1, 2024, this scheme is getting 7.4 percent annual interest.
Post Office Monthly Income Scheme (POMIS) calculator: Do a job, earn money, then invest and earn from interest. But, in most schemes, there is a long wait for your money due to the maturity period. How would it be if there is a scheme in which you invest money once and forget about it but the income keeps coming home every month? Post Office solves this problem of yours. Guaranteed income on investment without risk. Post Office Monthly Income Scheme is the best option. You have to deposit money once in MIS, then there will be guaranteed income every month for the next 5 years. There is an option of single and joint account in MIS. From January 1, 2024, 7.4% annual interest is being given on MIS.
Post Office MIS: What is it and how is it beneficial
In this scheme of post office, you can deposit up to Rs 9 lakh in a single account (POMIS account) and Rs 15 lakh in a joint account. If you want, your total principal amount will be returned after a maturity period of 5 years. At the same time, it can be extended for another 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 in your savings account.
POMIS: Guaranteed income will be Rs 66,600
Suppose you open a single account in Post Office MIS and deposit a maximum of Rs 9 lakh. The interest rate on this is 7.4 percent per annum. 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, there will be a total guaranteed income of Rs 3.33 lakh from interest in 5 years.
What is the rule regarding joint account?
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, all the account members have to give a joint application. There may be premature closure in this. But then there is a tax deduction.
Account can be opened with just ₹ 1000
An account can be opened in the POMIS scheme with a minimum investment of Rs 1000 and investment can be made in multiples of Rs 1000. According to India Post, interest is paid in MIS 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 an Aadhaar Card or Passport or Voter Card or Driving License as ID proof. You will have to provide 2 passport size photographs. Utility bills will be valid for address proof. Apart from this, you will have to fill the Post Office Monthly Income Scheme form. You can also download it online. Nominee details are necessary.
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