Post Office Scheme- Post Office Monthly Income Scheme (POMIS) is such a great scheme in which you can earn guaranteed income every month while sitting at home. Whether you are young or old, this scheme is very useful for you.
In this, you have to deposit money just once, and then you get fixed interest every month for 5 years. The best thing about this scheme is that your money is completely safe, because this is a government scheme. It is not affected by the market fluctuations. If you open a joint account with yourself and your wife, you can earn up to lakhs of rupees every year. Also, consult your financial advisor before investing.
You can open a single or joint account in this scheme. You can deposit a maximum of Rs 9 lakh in a single account, while you can invest up to Rs 15 lakh in a joint account. From October 1, 2023, this scheme is getting 7.4% annual interest. If you deposit Rs 10 lakh in a joint account, you will earn Rs 6,167 per month or Rs 74,004 per year. This money will keep coming to your post office savings account every month. To open an account, you have to deposit at least Rs 1,000, and after that you can invest in multiples of 1,000.
This scheme is especially good for those after retirement. If you do not have any source of regular income, then POMIS can arrange for your monthly expenses. You can also open it in the name of your children. If the child is below 10 years of age, then the parents or guardians can open an account in their name. After the age of 10, the child can manage the account himself. The maturity of this scheme is 5 years, but if you want, you can extend it for another 5-5 years.
If you want to withdraw money in between, then this is also possible, but there are some rules for this. If you withdraw money 1 year after opening the account, then 2% will be deducted. If you withdraw before maturity after 3 years, then 1% will be deducted. This scheme is great for those who want a fixed income without risk. If you and your wife open a joint account together, then you get the opportunity to invest more and earn more.