by Post Office Monthly Income Scheme (POMIS) is a scheme that invests a certain amount in the post office and earns a fixed interest every month. Just like the name of the scheme, this monthly income generating scheme can be invested in it from any post office.
An individual can invest only up to Rs 9 lakh under this scheme. Deposits up to Rs 15 lakh can be made through a joint account. You will get an interest rate of 7.1% per annum. If you invest Rs 9 lakh, you will get Rs 63,900 per year as interest. It has a lock-in period of 5 years. The interest of Rs 5325 each for these five years will be credited to your account on the 1st of every month.
After 5 years, the first rs 9 lakh deposited will be returned in the same way. Being a post office deposit, your investment amount will be safe. Let’s take a look at what are the eligibility criteria for opening a POMIS account.
1. Must be An Indian.
2. NRIs cannot enjoy the benefits of this scheme.
3.Any adult can open a POMIS account. You can open an account in the name of a minor who is 10 years of age and above. They will get funds when they turn 18 years old.
4.A minor, after securing a majority, must apply for account conversion in his name.
How to open a POMIS account?
First you have to open a post office savings account. Now buy a POMIS application form from the post office
After filling it properly, submit a photocopy of your ID, residential proofs and 2 passport size photos to the post office. Investments can be made through cash or cheques.
