POMIS Scheme Interest Rate- If you want to invest without any risk, then the post office is a great option. The post office runs many such schemes, where good returns are guaranteed. One of the great schemes is also the Post Office Monthly Income Scheme (POMIS). By investing in it, profit can be obtained every month.
Let’s know what is the Post Office Monthly Income Scheme? How much profit can be made in the Post Office Monthly Salary Scheme? How much return will be received on an investment of one lakh rupees? Today we are going to tell you about all this, let’s know in detail.
What is Post Office Monthly Income Scheme?
Post Office Monthly Income Scheme is specially designed for people who want a safe and reliable source of fixed monthly income. The minimum age limit for investing in this scheme is 18 years. However, minors above 10 years of age can also open an account in the post office for Monthly Income Scheme under the supervision of a guardian.
How much interest do you get?
The government revises the interest rates of POMIS every quarter like other small savings schemes. The interest rates for the quarter starting from July may be announced in the next few days. In this scheme, investors have to deposit a lump sum amount for a period of 5 years and they get interest at a pre-determined rate. Currently, it is getting 7.4% interest rate which is paid monthly.
How much can you invest?
The minimum deposit amount to open a POMIS account is Rs 1,000. Additional deposits are also allowed in multiples of Rs 1,000. For single-account holder accounts, the maximum deposit limit is Rs 9 lakh. Whereas, in case of joint accounts, it is Rs 15 lakh. A person is allowed to open multiple accounts, but the total deposit amount of all his accounts cannot exceed Rs 9 lakh.
How much can you earn on an investment of Rs 1 lakh?
If you invest Rs 1 lakh in Post Office Monthly Income Scheme, you can earn on it every month. POMIS gives a return of 7.4% interest rate every month. You can earn Rs 617 every month on a lump sum investment of Rs 1 lakh. In this way, you can earn interest of about Rs 7,404 in 1 year.
The point to be noted here is that money cannot be withdrawn from the account until the completion of 1 year from the date of opening the account. If the account is closed after 1 year but before 3 years, a deduction of 2 percent from the principal will be applicable and the remaining amount will be paid. Similarly, if the account is closed after 3 years and before 5 years, 1 percent of the principal amount will be deducted and the remaining amount will be paid.