Post Office Monthly Income Scheme (POMIS) 2024: The Post Office Monthly Income Scheme is designed to provide a steady monthly income upon depositing funds. This scheme offers monthly returns over a 5-year period, with the option to extend for an additional 5 years. At the end of the tenure, the original deposit amount is refunded. The interest on this scheme, currently at 7.4%, is paid by the post office. Notably, the government has increased the interest rates effective from April 1, 2023.
Post Office Monthly Income Scheme (POMIS) 2024
| Scheme | Post Office Monthly Income Scheme (POMIS) 2024 |
| Location | Across India |
| Benefit | POMIS ensures steady monthly income, competitive interest rates, and financial stability, offering peace of mind to investors. |
| Year | 2024 |
| Category | Yojana |
| Mode | Online |
Post Office Monthly Income Scheme (POMIS) 2024: Salient Features
Interest Rates: The Financial Engine
7.4% per annum payable monthly: The heartbeat of POMIS lies in its interest rates. The scheme boasts a competitive 7.4% per annum, payable monthly, providing a steady and predictable income for investors.
Opening an Account: Who, How, and How Much?
Who Can Open
(i) Individuals who are single adults.
(ii) Joint Accounts, allowing up to 3 adults (Joint A or Joint B).
(iii) Guardians on behalf of minors or persons of unsound mind.
(iv) Minors aged 10 and above in their own name.
Deposit Limits
(i) The minimum amount required to open an account is Rs. 1000, and this amount can be increased in multiples of Rs. 1000.
(ii) Maximum investment limits – Rs. 9 lakh in a single account, Rs. 15 lakh in a joint account
(iii) Equal share in investment for all joint account holders
(iv) Maximum limit for an individual’s total deposits in all MIS accounts – Rs. 9 lakh
(v) Separate limit for accounts opened on behalf of minors as guardians
Interest: When, How, and Tax Implications
Interest Payment
(i) Payable monthly, starting from the completion of the first month
(ii) Unclaimed monthly interest does not earn additional interest
(iii) Excess deposits result in a refund, with only PO Savings Account interest applicable
(iv) Interest can be auto-credited or transferred via ECS; taxable in the hands of the depositor
Premature Closure: Know the Rules
Closure conditions
(i) No withdrawals in the first year
(ii) 2% deduction for closure between 1 and 3 years, 1% deduction between 3 and 5 years
(iii) Premature closure is possible through a prescribed application at the concerned Post Office
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Maturity: Planning for the Future
Account Maturity
(i) The Account can be closed after 5 years by submitting a prescribed application at the Post Office
(ii) In case of the account holder’s demise, the account can be closed, and the amount refunded to the nominee/legal heirs with interest up to the preceding month
Note: National Savings (MIS) Account Rules 2019
How to apply:Post Office Monthly Income Scheme (POMIS) 2024
- Visit the official website
- Navigate to “Banking & Remittance.” Access the “Post Office Savings Scheme” tab. Click on the “Forms available” option.
- Download the required form. Complete the application with accurate personal and educational information.
- Ensure all necessary documents, such as photographs and signatures, are attached in the specified format.
- Submit the filled form to your nearest Post Office Branch.