In POMIS, a maximum of Rs 9 lakh can be deposited in a single account and a maximum of Rs 15 lakh can be deposited in a joint account. This scheme is for 5 years. This is considered a very good scheme from the point of view of regular income.
Post Office Monthly Income Scheme (POMIS) is a scheme to provide regular income. In this you have to invest the lump sum amount for five years. In return, every month you receive a fixed amount as interest. According to the amount, the person continues to earn income and after maturity, the deposited amount is returned.
In POMIS, a maximum of Rs 9 lakh can be deposited in a single account and a maximum of Rs 15 lakh can be deposited in a joint account. This scheme is for 5 years i.e. your money is deposited in it for 5 years. But if a person needs the money for some reason after depositing the lump sum amount and wants to withdraw the amount before 5 years, does he have to suffer any loss? What are the rules for pre-mature withdrawal? Know here.
Know the rules of pre-mature closure
If there is a need to withdraw money before maturity in Post Office MIS, then you get this facility after one year, but if you want to withdraw the amount before that, then it is not possible. However, in case of pre-mature closure also you have to pay penalty. If you withdraw money between one year and three years, then 2% of the deposit amount is deducted and returned.
Whereas if you want to withdraw money after three years of opening the account and before 5 years, then the deposit amount is returned to you after deducting 1% from the deposited amount. At the same time, after completion of 5 years, you get the entire amount back.
How much interest is being received?
If we talk about interest on Post Office Monthly Savings Scheme, at present interest is being given at the rate of 7.4 percent. Any Indian citizen can invest in this scheme. This scheme is considered very good from the point of view of senior citizens. Due to this, they continue to earn income every month and their money also remains safe.
