Post Office Scheme: Post Office Monthly Income Scheme (POMIS) is a safe and guaranteed investment option, in which investors regularly receive interest every month. This scheme is specially designed for those.

Who want a fixed income source, such as retired persons or housewives. Through this scheme, you can get a fixed amount every month, which is based on the interest rate fixed by the government.

What is Post Office Monthly Income Scheme

Post Office Monthly Income Scheme is a small savings scheme, which is operated by the Indian Post Office. In this scheme, investors deposit a fixed amount.

And interest is received every month on that amount. This scheme is completely safe, as the Government of India provides a guarantee for it.

How much interest rate will you get

The current interest rate on Post Office Monthly Income Scheme is 7.7% per annum. This interest rate is paid on a lump sum basis on the investment.

By taking advantage of this scheme, you can get fixed income every month, which maintains your financial stability.

Who can open an account

Any Indian citizen can open an account in Post Office Monthly Income Scheme. This account can be opened in single or joint name.

If you want to open a single account, then you can invest up to ₹ 9 lakh. If you want to open a joint account, then you can invest up to ₹ 15 lakh.

Will there be tax exemption?

Talking about tax benefits in Post Office Monthly Income Scheme, the investor does not get direct TDS exemption in this scheme, but the interest charged on it comes under the purview of income tax.

This means that you have to pay tax on whatever interest you get, although tax deduction at source (TDS) is not applicable in it.

What is the age limit?

There is no age limit to open an account in Post Office Monthly Income Scheme. This means that any person, irrespective of his age, can invest in this scheme. This scheme can prove to be extremely useful for retired persons, working people and housewives.

These documents will be required

To open an account in Post Office Monthly Income Scheme, you will need some essential documents.

Aadhaar Card

PAN Card

Address Proof (Ration Card, Electricity Bill, etc.)

Passport Size Photo (Two)

Through these documents, you can verify your identity and address.