The Post Office Monthly Income Scheme (POMIS) is a safe and popular way to invest money in India. This scheme is for people who want safe investment and regular income.
You can join this scheme only at the post office, which makes it very safe. By putting a fixed amount of money, you can earn ₹600 to ₹5,500 every month. This scheme is good for middle-class and poor families. In this report, we will explain the features, benefits, and how it works in simple words.
The Post Office Monthly Income Scheme (POMIS) is a safe government scheme. It gives monthly income. You earn interest on the money you put. Interest starts one month after you open the account. The scheme is for 5 years. At the end, you get your money and interest together.
POMIS is good for people who want safe and steady income. Many people in India use this scheme because it is safe and reliable.
Interest Rate
The interest rate of POMIS is 7.40% per year. It can change every year. If you keep the money without taking it out, it will earn compound interest like a fixed deposit. The highest fixed deposit rate for 5 years is 7.50%.
Who Can Use This Scheme?
This scheme is for people who want to invest one time and get monthly income. For example, pensioners or old people can use it for family expenses every month.
Main Features
- Investment Limit: Minimum is ₹1,000. Maximum is ₹9 lakh for one account and ₹15 lakh for a joint account.
- Monthly Interest: Interest starts one month after opening. You can take it monthly, quarterly, half-yearly, or yearly. The money goes directly to your account, which is safe and easy.