Sarkari Yojana Post Office Monthly Scheme: Post Office Monthly Income Scheme (POMIS) is a best investment option for those who want to earn money every month. This government scheme is completely safe and gives 7.4% annual interest
Sarkari Yojana Post Office Monthly Scheme: Post Office Monthly Income Scheme (POMIS) is a best investment option for those who want to earn money every month. This government scheme is completely safe and gives 7.4% annual interest. Under this scheme, a maximum of Rs 9 lakh can be invested through a single account and up to Rs 15 lakh through a joint account.
Who can open this account?
Adults aged 18 years or above.
Joint account (up to 3 adults).
Guardian in the name of the minor.
If the minor has turned 10 years old, he can open an account in his own name.
Investment rules
An account can be opened with a minimum of Rs 1000.
A maximum of Rs 9 lakh can be invested in a single account and Rs 15 lakh in a joint account.
In a joint account, the share of each account holder will be equal.
How is interest earned?
This scheme offers an interest rate of 7.4% per annum.
Every month’s interest is credited directly to the customer’s account.
If the customer does not withdraw the interest amount, it gets added to the post office savings account and interest is earned on that too.
The maturity period of the scheme is 5 years, after which it can be extended with a new interest rate.
Monthly Income Example
Joint Account:
Investment: Rs 15 lakh.
Annual Interest: Rs 1,11,000.
Monthly Income: Rs 9250.
Single Account:
Investment: Rs 9 lakh.
Annual Interest: Rs 66,600.
Monthly Income: Rs 5550.
Benefits of the scheme
This scheme gives more returns than bank FD.
After 5 years, it can be extended at a new interest rate.
If the investor does not want to continue the scheme, then after 5 years the entire deposit amount is returned.
Rules for closing the account before time
The account cannot be closed before one year.
If the account is closed between 1 to 3 years, 2% amount will be deducted.
If the account is closed between 3 to 5 years, 1% amount will be deducted.
Post Office Monthly Income Scheme (POMIS) is a safe and reliable option, which guarantees regular income. It is specially designed for those people who want to get fixed income every month by investing at low risk.
