You can gift up to Rs 9,250 per month to your spouse with this guaranteed return scheme; know what you need to do

Post Office Monthly Income Scheme (POMIS)

One of the best schemes provided by the Post Office is POMIS. You just need to deposit money one time under this guaranteed return scheme. 

POMIS interest

POMIS gives 7.4 per cent interest annually and it is disbursed monthly in your account.

 

MIS deposit amount limit

In a single account, you can deposit Rs 9 lakh and in a joint account, you can deposit Rs 15 lakh.

POMIS: Maturity period

The maximum tenure is five years however, you can extend it for the next 5-5 years.

 

How your spouse will get Rs 9,250 every month

If you open a joint account with your spouse and have deposited Rs 15 lakh. Then, you can get 1,11,000 interest in a year. This way, in a month, you will get Rs 9,250 per month.

Join account rules

According to the Post Office rules, 2-3 people can together open a joint account. Under MIS, every member gets an equal amount of interest.

MIS account transfer

Individuals can transfer their MIS account in one post office to another anywhere in India.

Taxability

Any income from POMIS does not come under TDS or tax deductions. The post office's monthly income scheme tax benefit is zero.

Premature closure rules

MIS matures in five years. But, it also has a premature closure option. Money can be withdrawn only after completion of one year from the date of deposit. According to the rules, if money is withdrawn between 1-3 years, then 2 per cent of the deposit amount will be deducted and returned. If you withdraw money before maturity after three years of account opening, then 1 per cent of your deposit will be deducted and returned.