Monthly scheme is an investment scheme that promises the investor guaranteed returns at an interest rate of 6% annually. Post office monthly income scheme is an investment scheme of Indian Post offices. Monthly income schemes are suitable for investors who want to earn a regular fixed income with guaranteed return at a certain amount of interest every month. Post office has a wide range of schemes that offer fixed return on investment. Post office schemes are safer investment options than equity share and many fixed income options. Post office monthly income schemes offer post office time deposit, recurring deposit, and savings account. These deposits are the highest earning scheme with the interest rate of 6.7 percent. Ther total locking period is 5 months.it is 100% safe investment.
Advantages of POMIS
Investment amount
You can invest any amount in the multiple of 100 as on investment.
Lock in period
You cannot withdraw the amount deposited in such an account prior to 5 years.
Maximum limit
mainly this scheme has three accounts. Single, joint, and minor accounts.
Single account maximum investment is Rs 4.5 lakhs.You can hold the scheme in multiple post offices.
All deposits cannot exceed Rs 4.5 lakhs.
In joint accounts, the share of investment should be within the specified limit.
In minor accounts, the maximum limit is Rs 3 lakhs.
The minimum amount – Rs 1500
Joint account
Three individuals can open a joint account for this scheme.
Each investor has equal rights over the account.
In a joint account the maximum limit is Rs 9 lakh.
minor account
You can open a minor account in the name of a child.
The age limit is about 10 years.
The child can withdraw the amount after 18 years.
Transferable
You can transfer your POMIS account to a convenient post office.
You can add a monthly return to the bank accounts automatically.
Eligible residential status
Every Indian citizen has an open POMIS account.
NRI individuals cannot open this account.
Auto withdrawal
You can withdraw monthly interest amount through automatic transfer to your savings account through ECS or PDCs
Penalty
If you withdraw your investment Corpus before the lock in period a penalty is charged on the withdrawal amount.
If you withdraw before the completion of 1 year,you will not get any benefits.
If you withdraw from one year to three year the entire deposits refunded with a two percentage penalty.
From 4th to 5th year the entire Corpus is refunded with 1% penalty
Tax benefits
The interest amount does not incur any TDS.
Documents
Passport size photograph
Copy of ID as passport/ voter ID card/ driving license or Aadhar card
Address Proof
The rate of interest is fixed by the Finance ministry.The interest rates are revised every quarter depending on the returns generated by government bonds.
How to start POMIS account
Opening a POMIS account is easy and hassle free.
You should have a Post office savings account.
You can collect the POMIS form from the nearest post office.
Fill the form and submit it along with the copies of documents.
Submit in originals for verification process
You can invest the capital amount through a check.
Eligibility
It can be opened by a resident Indian
Anyone above the age of 18 can open the account.
Non resident Indians do not apply to this scheme.
Benefits
There are major benefits to investing in POMIS.It is guaranteed by the government.
We will get a monthly return from these schemes.
You will get a high return from this scheme.
These schemes are directly controlled by the central government.
It is a safe investment.
You can earn 6.6 % monthly return from these schemes.
It is a good opportunity.