Post office scheme: If you are recently tied in marriage and want a safe and stable income source for the future, then the post office monthly income scheme (POMIS) can prove to be a great option. This is a government -backed scheme, in which fixed interest is received every month on investment and the risk is extremely low.
Investment limit increases with joint account
One of the specialty of this post office scheme is that a joint account can be opened in it, in which both spouses have equal stake.
Investment limit in single account is ₹ 9 lakh, while this limit in joint account increases to ₹ 15 lakhs. If you want to earn more interest, it would be better to open a joint account.
Income fixed every month: How much interest will be available?
Since 1 January 2025, Pomis is getting 7.4% annual interest, which is deposited in the account every month. For example, if the newly married couple invests ₹ 12 lakhs by opening a joint account, they will get ₹ 88,800 interest annually. This means that there will be a guaranteed income of about ₹ 7,400 every month.
In this scheme, two or three people can open joint accounts together and interest is distributed equally to all account holders. Also, the joint account can be converted into single and single account joint if needed. However, a joint consent of all account holders is necessary for this.
Maturity and pre-mature closure facility
The maturity period of Pomis is 5 years. After this period the account can be closed and the entire principal is returned. If you close the account before this, then a penalty may have to be given. On closing between 1 and 3 years, 2% penalty is cut from penalty and 1% penalty is deducted from the principal.
If an investor has invested ₹ 12 lakh in Pomis and closes the account after 1 year, then it will have to be given 2% penalty for closing between 1 and 3 years. That is, there will be a cut of ₹ 24,000 and a total of ₹ 11,76,000 will be returned. At the same time, if the account is closed between 3 and 5 years, then the penalty will be 1% i.e. ₹ 12,000 and the investor will get ₹ 11,88,000. This account cannot be closed before 1 year.
Minors and senior citizens can also take advantage
Under this scheme, an account can also be opened in the name of minors, whose investment limit is considered different from the limits of their parents. With this, a safe future can also be planned for children.
Since this scheme is supported by the government, the risk in it is negligible. This means that your principal will be safe not only, you will also get regular earnings from fixed interest. The interest received every month can be done through ECS or in the savings account of the post office.
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