Post Office Monthly Income Scheme 2024: The Post Office has a monthly income scheme named POMIS. In the POMIS scheme, the person can save money in the Post Office to get income every month. The rate of interest in the POMIS is 7.4% effective from 01 January 2024. The people who do not want any risk in their investment should go for the Post Office POMIS scheme, in this article, we cover all aspects of the POMIS scheme like how to apply for the POMIS scheme, what is the plan under POMIS scheme, what amount you need to invest in POMIS scheme, check all these details below.
Post Office Monthly Income Scheme 2024: Details
The POMIS scheme is an income scheme of the Post Office of India. The applicants may understand the similar saving schemes of Post Office like RD, TD, and Saving Account. The POMIS scheme offers a persistent income source and it is reinforced by the Ministry of Finance.
Features of the POMIS scheme
The main features of the POMIS scheme are below.
- Capital Protection– It is a government scheme, the investment you made in the POMIS scheme will be protected by the govt.
- Low-Risk Investment– The risk factor is not there, the rate of interest is fixed and you know in advance what you are going to get each month after ingesting a lumpsum amount at once in the POMIS scheme.
- Pay Out– The applicants can pay the money after one month of the POMIS scheme.
- Nomination– The POMIS scheme has a nomination facility, the nominees will get all the invested money under the POMIS scheme in case of the person’s death.
- Automatic Transfer– The applicants can choose the option of automatic transfer, in this, each month, the Post Office will transfer monthly for the POMIS scheme as your monthly income.
- Reinvestment Option– The person can put the money back into reinvestment after the maturity of the POMIS scheme.
How much money you can invest in the POMIS scheme?
The single account holder can save an amount of Rs 9 lakh in the POMIS scheme and the Joint account, person can save a maximum amount of Rs 15 Lakh in the POMIS scheme. This is a one-time investment kind of scheme for the Post Office.
The person who invested money in the POMIS scheme will receive the interest as an income each month. This scheme is most suited for the retired person who does not have any pension to run the home, they can invest money in the POMIS scheme of the Post Office, and each month, they will get the income to run their home. In case of demise of the person, the money will be given to the nominee.
How to Open a POMIS Account?
Follow the steps below to open the POMIS scheme account.
- Contact the nearest Post Office and ask for the POMIS scheme form.
- You must have the initial amount to open the POMIS scheme like Rs 9 Lakh.
- Then, Fill out the POMIS scheme form and submit the money through cheque to the Post Office.