Monthly Income Scheme: Know how you can earn Rs 9,250/month for 5 years with this post office scheme | Know deposit limits, interest rates
Post Office MIS: The Post Office Monthly Income Scheme (POMIS) offers a reliable way for individuals, especially senior citizens, to earn a monthly income of up to Rs 9,250 for five years. Know about the scheme's deposit limits, interest rates, account duration, and the steps to continue earning after maturity. Also, learn how to invest wisely and secure a steady income through this government-backed initiative.
Post Office MIS: The Post Office Monthly Income Scheme (POMIS) is an excellent option for generating regular income, especially for senior citizens. If you’re looking for a reliable source of income after retirement, this scheme allows you to invest a lump sum amount and earn interest monthly. You can earn up to Rs 9,250 every month for 5 consecutive years. But what if you want to keep earning after those 5 years? Here’s what you need to know about the scheme:
Deposit Limits
In the Post Office MIS, there are specific deposit limits for both single and joint accounts. You can deposit a maximum of Rs 9,00,000 in a single account and Rs 15,00,000 in a joint account.
Interest Rates
The interest rate for Post Office MIS is set at 7.4 per cent. Your monthly income depends on the amount you deposit. For example, if you deposit Rs 9,00,000, you can earn up to Rs 5,550 each month. If you open a joint POMIS account with a family member and deposit Rs 15,00,000, your monthly earnings can reach Rs 9,250.
Account Duration
A POMIS account remains open for 5 years. During this time, your deposit earns interest, and after 5 years, you will receive your initial investment back.
Continuing Earnings After 5 Years
Currently, there is no option for extending the account in this scheme. However, once your account matures, you can withdraw the funds, open a new account, and reinvest to secure another 5 years of income.
Eligibility to Open an Account
Any citizen of India can open an account under the Post Office Monthly Income Scheme. Accounts can also be opened in a child’s name, with parents or legal guardians able to do so if the child is under 10 years old. Once the child turns 10, they can operate the account themselves. To open an MIS account, you must have a savings account at the post office and provide your Aadhaar and PAN cards as identification.