If you're looking for a dependable and safe investment that offers a steady monthly income, the Post office Monthly Income Scheme (POMIS) could be a great option. This government-backed scheme offers attractive interest rates and is designed to provide consistent returns. Here's a detailed overview of how you can benefit from it:
Key Features of POMIS
Minimum and Maximum Deposits:
Minimum deposit: ₹1,000 (in multiples of ₹1,000)
Maximum deposit: ₹9 lakhs in a single account, ₹15 lakhs in a joint account
Account Tenure:
The account matures in 5 years.
Interest Rate:
The current interest rate is 7.4% per annum, paid monthly.
Premature Closure:
Before 1 year: Not permitted
After 1 year but before 3 years: 2% penalty on the deposit amount
After 3 years but before 5 years: 1% penalty on the deposit amount
Interest Payment:
Interest is paid monthly. If not claimed, it does not earn additional interest.
Account Opening:
Available for single adults, joint accounts (up to 3 adults), guardians for minors or persons of unsound mind, and minors above 10 years.
Monthly Income Calculation
To determine your monthly income from the scheme, use the formula:
Monthly Income
=
Deposit Amount
×
Interest Rate
12
Monthly Income=Deposit Amount×
12
Interest Rate
For example:
₹5 lakhs deposit: ₹3,083.33 per month
₹9 lakhs deposit: ₹5,550 per month
₹15 lakhs deposit: ₹9,250 per month
Investment Limits and Other Details
Deposit Limits:
A maximum of ₹9 lakhs in a single account.
A maximum of ₹15 lakhs in a joint account.
Withdrawals:
No withdrawals before 1 year.
Premature closure can be done by submitting a prescribed application form with the passbook at the post office.
Maturity:
Accounts can be closed after 5 years with the submission of a prescribed application form and passbook.
In the event of the account holder's death, the account can be closed, and the amount will be refunded to the nominee/legal heirs.
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