Post Office Guaranteed Return Scheme: Looking for fixed monthly income? Know how you can earn Rs 9,250 per month under Post Office MIS
POMIS: You can open a POMIS account with Rs 100 and then invest in multiples of Rs 1,000. In one account, the maximum investment is Rs 9 lakh including investment in any joint account.
Post Office offers various savings schemes. One such scheme is the post office monthly income scheme (POMIS). This scheme is good for investors who are looking for a fixed monthly income. POMIS is a government-backed savings scheme. The investment scheme has very low risk and provides guaranteed returns. To invest in the POMIS, you need to be an Indian resident and should be at least 18 years old.
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POMIS benefit
In this article, we will discuss the features of POMIS and its benefits. Take a look:
What is POMIS?
It is a low-risk savings scheme that is backed by the government of India. In the POMIS, you just need to invest once.
What is the minimum and maximum investment in POMIS?
You can open a POMIS account with Rs 100 and then invest in multiples of Rs 1,000. In one account, the maximum investment is Rs 9 lakh including investment in any joint account.
Joint account limit in POMIS
In a joint account, you can invest up to Rs 15 lakh.
Post Office Monthly Income Scheme interest rate
Currently, POMIS provides 7.40 per cent interest rate annually.
Interest on POMIS
The interest on POMIS is paid on completion of a month from the date of opening and so on till maturity.
POMIS: What is the eligibility?
You must be a resident Indian and at least 18 years old.
Nomination
There is also an option of a nominee who can take benefits in case of your death.
POMIS account transfer
You can transfer your POMIS account to a different post office branch anytime in case you move within India.
Is income on POMIS taxable?
Yes, you should plan your investment accordingly.
How to earn Rs 9,250 every month?
If you deposit Rs 15 lakh in this scheme along with your wife, then you can earn Rs 1,11,000 annually at 7.4 per cent interest and will get Rs 9,250 every month.