Post office monthly income scheme
Hemlata Khandenwal / 2021-02-10 05:07:48

If you are thinking of starting investment to overcome the money, then a special post office scheme will be best for you. You will get money every month in the scheme we are talking about. This is the best thing about this scheme. This is the Post Office Monthly Income Scheme (POMIS). As the name itself suggests, in this scheme, you will get money in the form of income every month. You can either open a single or a joint account in POMIS with co-account holder.  If these accounts are opened alone then the maximum amount of money up to Rs four lakh fifty thousand can be deposited. At the same time, in the case of joint accounts, this limit doubles to Rs 9 lakh.

This way you will earn every month:

This will be like earning 6.6% per annum in POMIS. The interest amount will be divided into 12 months and you will start getting every month the amount of money you earn. If you invest Rs. four lakh fifty thousand, you will get a total interest of rupees twenty nine thousand seven hundred only. The maturity period of POMIS is 5 years. But you can extend this period further.

At least how much investment:

 The minimum investment required thousand rupees in POMIS. After this, you will be allowed to invest in the multiplication of Rs hundred. The most characteristic of this scheme is to get fixed revenue every month at POMIS. At the time of maturity, you will get back the total amount of investment. You can also add money from it. The monthly interest money will be deposited in the post office saving account if you not collect it. You can collect the interest amount along with the original amount.

How to open a POMIS account?

The account can be open at the nearest branch post office. You have to fill an application form. Also, you will need ID proof and two passport size photos. The payment can be made though cheque /cash at the time of account opening. A POMIS account can be opened in the name of a child over 10 years (minor) or the name of the guardian of a child below the age. The account will be handover to the child when he/she completed 18 years of age.

Account closure method:

The account can be close by submitting a simple application form to the post office. If you close the account between 3 and 5 years of opening the account, 1% of the money will be deducted. If you close the account within 1 to 3 years, 2% of the money will be deducted. The account cannot be close within a year of opening.

No tax rebate:

However, a tax rebate will not be available on the interest of the POMIS account. But no TDS will be deducted on interest. The interest you will get for the entire year will be added to taxable income. To know more information about this scheme, kindly visit to the area post office.


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