HI friends welcome to our new blog. If you are searching for a good investment option for your money then this article is for you In this blog we are gonna share details about the Post Office Monthly Income Scheme in 2024. The Post Office is one of the popular places for saving and transacting money among Indians. The Post Office of India has launched a new MIS program.
This is also one of the low-risk saving schemes since it’s backed by the government itself. This program can be beneficial for individuals looking for a steady income stream from their assets. Currently, you can invest a maximum of 15 lakhs in this scheme and earn interest of 7.40% on your initial investment. So let’s find out more about POMIS without wasting any more time.
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Post Office Monthly Income Scheme Full Details in 2024
Features of POMIS
- You can open an account with a minimum investment of 1000.
- If you wish then you can have more than one account in your name. However, you cannot deposit more than Rs. 9 lakhs in them all at the same time.
- The Maximum investment limit is 9 lakhs for a single account its 15 lakhs for a maximum of 3 people joint account.
- The lock-in period for the Post Office Monthly Income Scheme is 5 years.
- If you withdraw your investment before 1 year then you will receive zero benefits. However, if you redeem Between 1st and 3rd year then you will get the entire deposit after deducting a 2% penalty. Also, if you redeem Between the 3rd and 5th year the whole corpus is refunded with a 1% penalty.
- You can also transfer your POMIS account to a convenient post office if you change your residence to a different city in India.
- Every Indian are eligible to open a POMIS account but NRI arent eligible for this.
- Minors above 10 years can open an account in their name. Although they will be able to withdraw the amount once they become 18 years old.
- Your investment interest can be withdrawn automatically to your savings account through PDCs or ECSs. You can direct the interest amount towards any CBS-centric savings account if the POMIS account is with a CBS Post Office.
- The interest amount is TDS-free. Also, it’s not covered under section 80C.
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Documents Recuired For POMIS
Here are the Documents you will need to open a POMIS account:
- Two Passport-sized photos.
- Government ID such as AADHAR Card/ Passport/Driving license/ PAN Card or Voter Card.
How To Open Post Office Monthly Income Scheme Account
If you have all the above-mentioned documents ready then you can visit your nearest post office to open a Post Office Monthly Income Scheme Account. Then you can follow these steps:
- Firstly if you don’t have a Post office savings account then you will have to open one.
- After that, collect the POMIS form from the Post office.
- Enter all the details in the form and submit it with your initial investment in cash or cheque.
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Early Withdrawal Penalty
| Withdrawal Time | Penalty |
|---|---|
| Before 1 year | Zero Benefits |
| Between 1 to 3 years | Full refund with a 1% penalty |
| Between 3 to 5 years | Full refund with 1% penalty |
POMIS Historical Return Rates
| Time Period | POMIS Return Rates |
|---|---|
| January 2024 | 7.40% |
| 1st October 2023 – 31st December 2023 | 7.40% |
| 1st April 2023 – 30th June 2023 | 7.40% |
| 1st January 2023 – 31st March 2023 | 7.10% |
| 1st October 2022 – 31st December 2022 | 7.10% |
| 1st April 2020 – 30th September 2020 | 6.60% |
| 1st January 2020 – 31st March 2020 | 7.60% |
| 1st October 2019 – 31st December 2019 | 7.60% |
| 1st July 2019 – 30th September 2019 | 7.60% |
| 1st January 2019 – 31st March 2019 | 7.70% |
| 1st October 2018 – 31st December 2018 | 7.70% |
| 1st January 2018 – 30th September 20 | 7.30% |