The Post Office Monthly Income Scheme (POMIS) is a government small savings scheme. In this, investors can earn a fixed amount every month.
Post Office Monthly Income Scheme: Post Office Monthly Income Scheme (POMIS) is a government small savings scheme. In this, the investor gets a fixed amount every month. There will be no risk in the post office scheme. Let us know how much interest will be available in this scheme.
Post office monthly scheme
Under the scheme, money is deposited in the account under a single or joint account. After the interest accrued annually, that amount is transferred to the account every month. The lock-in period of this scheme is 5 years. Then it is carried forward for another 5 to 5 years.
Get so much interest
Interest is getting 6.6 percent per annum in the Post Office Monthly Income Scheme. If an investor has invested Rs 9 lakh in this through a joint account, then he will get Rs 59,400 at the rate of 6.6 per cent per annum. In this sense, your monthly interest amount comes to Rs 4,950. You can take it every month. This is just the interest amount, your principal amount will remain the same.
How much can you invest
Under the Monthly Income Scheme of the Post Office, both single and joint accounts can be opened. In this, you can invest a maximum of Rs 4.5 lakh for a single account and a maximum of Rs 9 lakh for a joint account.
Maturity
The maturity period of this scheme is five years. It can be closed after 5 years or can be extended even further. If the account holder dies before maturity, the account will be closed and the money will be given to the nominee.
Who can invest
Any Indian citizen can invest in the Post Office Monthly Income Scheme. Any person who is above 18 years of age can open an account under this scheme.
