Post Office Scheme- If you have recently got married and want a safe and stable source of income for the future, then Post Office Monthly Income Scheme (POMIS) can prove to be a great option. This is a government-backed scheme, in which fixed interest is given every month on investment and the risk is very low.
Investment limit increases with joint account
A special feature of this post office scheme is that a joint account can be opened in it, in which both husband and wife have equal share. The investment limit in a single account is Rs 9 lakh, while in a joint account this limit increases to Rs 15 lakh. If you want to earn more interest, it would be better to open a joint account.
How much interest will you get?
From January 1, 2025, POMIS is getting 7.4% annual interest, which is credited to the account every month. For example, if a newly married couple opens a joint account and invests Rs 12 lakh, they will get an annual interest of Rs 88,800. This means that there will be a guaranteed income of about Rs 7,400 every month.
In this scheme, two or three people can open a joint account and the interest is equally distributed among all the account holders. Also, if needed, the joint account can be converted into a single account and a single account can be converted into a joint account. But for this, the joint consent of all the account holders is necessary.
Maturity and pre-mature closure facility
The maturity period of POMIS is 5 years. After this period, the account can be closed and the entire principal amount is returned. If the account is closed before this, a penalty may have to be paid. 2% penalty is deducted from the principal amount if closed between 1 to 3 years and 1% penalty is deducted from the principal amount if closed between 3 to 5 years.
If an investor has invested Rs 12 lakh in POMIS and closes the account after 1 year, then a penalty of 2% will have to be paid if it is closed between 1 to 3 years. That is, Rs 24,000 will be deducted and a total of Rs 11,76,000 will be returned. On the other hand, if the account is closed between 3 to 5 years, the penalty will be 1% i.e. Rs 12,000 and the investor will get Rs 11,88,000. This account cannot be closed before 1 year.
Minors and senior citizens can also avail the benefits
Under this scheme, an account can also be opened in the name of minors, whose investment limit is considered different from that of their parents. This helps in planning a secure future for children as well.
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