Post Office Monthly Income Scheme (POMIS)
Post Office Monthly Income Scheme (POMIS) is one the post office scheme which offers a guaranteed return on your investment. So the investor wants to generate monthly income can open this account and get assured return on the investment. This scheme is very useful for retired persons. So as they can invest a lump-sum amount and earn the interest on monthly basis.
There is no tax benefits under this scheme. The maturity period of this scheme is 5 years w.e.f. 1.12.1011.
The interest rate applicable on the Post Office Monthly Income Scheme is 8.40% per annum w.e.f. 1.4.2014 (Current rate 7.5% for FY 2017-18 Q2)
The Minimum and Maximum amount of investment:
The minimum amount for opening monthly income scheme is Rs. 1500 or in multiple of Rs. 1500. Maximum investment limit is Rs. 4,50,00 in single account & Rs. 9,00,000 in joint account. The maximum limit of investment for individual is Rs. 4,50,000 (including his share in joint accounts).
Who can open the Post Office Monthly Income Scheme Account:
The account can be opened
1) by an individual
2) in the name of minor
3) a joint account can be opened by two or three adults.
Single account can be converted into joint account and vice-versa. Any number of accounts can be opened in any post office subject to maximum investment limit by adding balance in all accounts. Accounts can be transferred from one post office to another. In case of joint account, all holders have equal share in each joint account.
Nomination facility is available at the time of opening and also after opening the Post Office Monthly Income Scheme.
The Post Office Monthly Income Scheme can avail a facility of pre-mature closer of account after 1 year but before 3 years @ 2% deduction. And after 3 years @1 % deduction of deposit.
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