Sarkari Yojana Post Office Monthly Scheme: Monthly Income Scheme (POMIS): A reliable option for fixed income every month.

Sarkari Yojana Post Office Monthly Scheme: Post Office Monthly Income Scheme (POMIS) is a great investment scheme for those who want an assured income every month. This government scheme is completely safe and offers 7.4% annual interest. Under this scheme, you can invest a maximum of Rs 9 lakh through a single account and Rs 15 lakh through a joint account.

Who can open this account?

The following eligibility is required to open a POMIS account:

1. Adult (18 years or older):
   Any person can avail the benefits of this scheme after completing the age of 18 years.
2. Joint Account:
   A maximum of 3 adults can open a joint account.
3. minor:
   • An account can be opened in the name of a minor by his guardian.
   • If the minor is 10 years of age, he can open the account in his own name.

investment rules

1. Minimum Investment:
   • Account can be opened with Rs 1000.
2. Maximum Investment:
   • Single account: Rs 9 lakh.
   • Joint Account: Rs 15 lakh.
   • In a joint account, the share of all account holders will be equal.

How to get interest?

• 7.4% annual interest rate is given in this scheme.
• The interest amount is transferred to the customer’s account every month.
• If the customer does not withdraw the interest, then this amount is added to the post office savings account and interest is also earned on it.
• The maturity period of the scheme is 5 years. After this the scheme can be extended at the new interest rate.

example of monthly income

Joint Account:

• Investment: Rs 15 lakh.
• Annual interest: Rs 1,11,000.
• Monthly Income: Rs 9250.

Single Account:

• Investment: Rs 9 lakh.
• Annual interest: Rs 66,600.
• Monthly Income: Rs 5550.

Benefits of the scheme

1. Higher returns than bank FD:
   This scheme gives higher returns than fixed deposits.
2. Options after maturity:
   After 5 years the scheme can be extended at the new interest rate.
3. Safe Investment:
   This scheme comes under government guarantee, so the risk is low.
4. Liquidity:
   After 5 years the investor gets his entire deposit back.

Rules for premature account closure

• Before 1 year: Account cannot be closed.
• Between 1 to 3 years:
  • On closing the account, 2% of the deposited amount will be deducted.
• Between 3 to 5 years:
  • On closing the account, 1% of the deposited amount will be deducted.

Why choose Post Office Monthly Income Scheme?

POMIS is a reliable and safe investment plan, which guarantees regular income. This plan is specially designed for those who want to get fixed income every month while keeping the risk low.