In this article I will be writing about the Post office Monthly Income Scheme(POMIS). Our readers posting questions about the POMIS and comparing it with the other fixed deposit options. I come up with this article to provide you some in depth details to differentiate POMIS with other investment options. Here I am going to provide the key facts about the POMIS. After reading the article please post your comments and write down your doubts. Subscribe to our future articles here.
Key Factors on POMIS
The following is the list of facts about the POMIS investment.
- It has the lock in period of 6 years.
- 8% Interest Rates offered (Update: Revised to 8.2%)
- Maximum 450000 allowed for single account. It is 900000 for the joint account.
- Minimum amount is Rs.1500
- Account can be opened in any departmental post office and is transferable from one post office to another
- Interest amount is payable monthly.
- If the account is closed on or before expiry of three years opening of such account, an amount equal to two percent of the deposit shall be deducted and remainder paid to the depositor
- If the account is closed after expiry of three years opening of such account, an amount equal to one percent of the deposit shall be deducted and remainder paid to the depositor
- 5% Maturity Bonus (Update: Discontinued)
You can buy a post office MIS at any post-office in India. When you open an MIS, you will get a certificate issued by the post office. In addition, the investor is provided with a passbook to record his transactions against his MIS.
- Only scheme in Post office where monthly interest is payable.
- Interest not with-drawn does not carry any interest.
- Non-Resident Indian / HUF cannot open the POMIS Account.
- Account can be opened by an individual, two/three adults jointly and a minor through a guardian.
I hope this article is useful for who want to learn about the Post Office Monthly Income Scheme(POMIS). This would be more suitable for the people who are retired and want to earn the monthly income. Please read this article to know about updates information on the post office savings. I am looking for the feedback from you. Thank you for reading this article.
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