Post Office Monthly Income Scheme: In today’s times, when daily expenses are constantly increasing, managing the monthly budget has become a major challenge for every family. Especially for those without a fixed source of income, such as retired senior citizens or housewives, having a stable source of regular income becomes extremely important. In such a situation, the Post Office Monthly Income Scheme (POMIS) of the Indian Post Office (Post Office) emerges as a reliable and secure option.
What is the Post Office Monthly Income Scheme?
This is a government-guaranteed small savings scheme in which investors deposit a lump sum and receive a fixed monthly interest income. Currently, this scheme offers an annual interest rate of 7.40 percent. This interest is transferred to your post office account every month, divided equally over 12 months.
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Monthly Income of ₹9,250
If an individual invests in this scheme alone, they can deposit a maximum of ₹9 lakh. At 7.40% annual interest on ₹9 lakh, the investment limit is approximately ₹66,600, meaning a fixed income of approximately ₹5,550 per month. However, if an investor opens a joint account with their spouse, the investment limit increases to ₹15 lakh. This amount generates a fixed income of approximately ₹9,250 per month, which is directly deposited into their post office savings account.
Security with Investment
The biggest advantage of POMIS is its security. It is a fully central government-backed scheme, guaranteeing 100% security of investors’ deposits. Since this scheme is unaffected by market fluctuations, it is a stable and risk-free investment option. This scheme is especially useful for retirees or investors who want a fixed income with capital protection.
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Maturity in 5 years
This scheme has a 5-year term. The investor receives a fixed monthly interest amount, and the entire principal is returned after 5 years. This means a fixed monthly income for 5 years, and finally, the entire deposit is returned as a safe return. If the investor wishes, they can reinvest this amount after the maturity period.
Who can invest?
Any Indian citizen, adult, or joint account holder can open an account under this scheme. An account can also be opened in the name of a minor under the supervision of a guardian. This scheme is especially beneficial for senior citizens, housewives, and those seeking risk-free and regular income.