Regular Income / POMIS : Post Office Small Savings is an attractive option for safe investment. There are many schemes in it, some of which also give the option of regular income. If you are looking for an option of regular income by making a one-time investment, then you can take advantage of Post Office Small Savings Scheme Monthly Income Account. This scheme can be a strong option for financial stability for those who are looking for a stable income every month, especially after retirement. Let us know what the rules of this scheme say.
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Important rules of POMIS
In the Post Office Monthly Income Scheme, a maximum of Rs 9 lakh can be deposited through a single account, while the maximum deposit limit through a joint account is Rs 15 lakh. To open an account, it is necessary to invest at least Rs 1000, after which deposits can be made in multiples of Rs 1000. In a joint account, every holder has an equal share in the investment.
In this scheme, any adult can open a single account in his/her name, while 2 or maximum 3 adults can open a joint account together. The maximum limit of deposit in a single account is Rs 9 lakh, while the maximum limit of deposit in a joint account is Rs 15 lakh.
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How the money comes into the account
The interest rate for the current quarter in the Post Office Monthly Income Scheme is 7.4 percent per annum. The annual interest received on the funds deposited in this account is divided into 12 parts, and each part acts as a monthly income for you, which you can withdraw every month. The maturity of this scheme is 5 years, but after 5 years it can be extended according to the new interest rate.
Joint Account Calculation
Maximum investment from joint account: Rs 15 lakh
Interest rate: 7.4% per annum
Annual interest: Rs 1,11,000
Monthly interest: Rs 9250
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Single Account Calculation
Maximum investment from a single account: Rs 9 lakh
Interest rate: 7.4% per annum
Annual interest: Rs 66,600
Monthly Interest: Rs 5550
100% safe scheme
Post Office Monthly Income Scheme is a government-backed small savings scheme that offers guaranteed returns. Due to the post office scheme, it is 100% safe. Apart from a single account, there is also the facility to open a joint account with the spouse.
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What happens if you withdraw money before time
In this account, no deposit amount can be withdrawn before the expiry of 1 year from the date of deposit. If the scheme is closed after 1 year and before 3 years from the date of opening the account, then 2% of the principal amount will be deducted and the balance amount will be paid. If the scheme is closed after 3 years and before 5 years from the date of opening the scheme, then 1% of the principal amount will be deducted and the balance amount will be paid. The account can be closed prematurely by submitting the prescribed application form along with the passbook to the branch of the post office where the account is held.
(Source: India Post)
