Post Office Monthly Income Scheme: Investing in post office is the first choice of many people amid the current scenario. As post office schemes offers not only good returns, but also guaranteed money security.
Moreover, small savings can result in big in coming times and offer great relief in future. In this way you can invest without any risk. The post office is running several schemes for every category, where you can invest. The Post Office Monthly Income Scheme (POMIS) is an important Scheme which offers certain income every month.
Benefits of post office monthly income
Under the Post Office Monthly Income, you can open an account for up to five years. The interest rate is calculated on an annual basis and depositors are paid monthly. The rate of interest on POMIS is fixed by the central government, which is every quarter. The rate of interest that a user receives on a monthly basis is the rate at which the principal is deposited.
Investment in POMIS will give You Good Monthly Income
The scheme provides monthly returns, which are completely safe. It is a good scheme for senior citizens, which provides a guaranteed monthly income as well as interest. Two or three persons can open a joint account where all account holders will have equal share. Single accounts can also be converted into joint accounts.
Who can open an account?
Anyone over 10 years of age can open an account. The minimum deposit limit is Rs 1,500 and the maximum amount is Rs 4.5 lakh. For joint account holders, the limit is Rs 9 lakh. With some deductions the first money can be withdrawn prematurely after one year. There is a 2 percent reduction on withdrawals after one year and before three years. Withdrawal of the deposit after three years deducts 1 percent from the deposit in the account.
