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 it 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 can be invested through a joint account.
Who can open this account?
Adults 18 years of age or older.
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 up to Rs 15 lakh in a joint account.
The share of each account holder in the joint account will be equal.
How to get interest?
7.4% annual interest rate is given in this scheme.
Every month interest is deposited directly into the customer’s account.
If the customer does not withdraw the interest amount, it is added to the post office savings account and interest is also earned on it.
The maturity period of the scheme is 5 years, after which it can be extended with a new interest rate.
example of monthly income
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 higher returns than bank FD.
After 5 years it can be increased at the new interest rate.
If the investor does not want to continue with the scheme, the entire deposit amount is refunded after 5 years.
Rules for premature account closure
The account cannot be closed before one year.
On closing the account between 1 to 3 years, 2% of the amount will be deducted.
On closing the account between 3 to 5 years, 1% of the amount will be deducted.
Post Office Monthly Income Scheme (POMIS) is a safe and reliable option, which guarantees regular income. It has been specially designed for those who want to get fixed income every month by investing with low risk.
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