Post Office Monthly Income Scheme (POMIS) may be the best choice for you. Post Office Monthly Income Scheme is a little reserve funds scheme that offers a fixed month to month income on speculation of a substantial sum. POMIS is an exceptional scheme provided by India Post office and through its different branches. With a guaranteed month to month income and significant yields, Post Office Monthly Income Scheme is most appropriate for senior residents.
MIS Interest Rate
The Central government fixes the interest rate on the Post Office Monthly Income Scheme. Finance Ministry resets interest each quarter contingent upon the yield from government obligations of comparable residency. For the present October to December quarter, the attention on Post Office Monthly Income Scheme is fixed at 7.6%. The MIS Interest Rate is determined on a yearly premise and is paid month to month to depositors. The interest rate you acquire on POMIS for the term of the deposit will be the rate at which you made the first deposit.
Key Features of Post Office Monthly Income Scheme
- POMIS account can be held independently or together (max. three grown-up holders).
- Least Rs. 1500 required for account opening. Higher sums in products of Rs.1500.
- On the utilization of check for account opening, the date of check acknowledgment will be the account opening date.
- On account of a shared service, each account holder will hold an equivalent offer.
- The candidate's office accessible and can be refreshed later after opening the account.
- POMIS account can be openly moved to start with one Post Office then onto the next.
- No restriction on the quantity of POMIS accounts held independently/mutually. Subject to the maximum. We have combined parity criteria.
- Combined highest parity overall exclusively worked POMIS accounts is Rs. 4.5 lakhs.
- For together held accounts, the highest POMIS balance limit is Rs. 9 lakhs.
- A minor matured ten years or above can profit from the Post Office Monthly Income Scheme Account. On turning 18 years, the individual in question will be approached to change over his/her minor account to a grown-up account.
- The Post office credits continue straightforwardly to the financial specialist's post office savings account on a monthly premise by ECS/CBS.
- No reward accessible on accounts opened on or after the first of December 2011. Accounts opened before were qualified for a 5% reward on the store sum.
- Post Office Monthly Income Scheme doesn't offer any tax refund on the investments or development sum.
- Post Office Monthly Income Scheme account can keep on gaining interest for as long as two years after account development if it continues are not pulled back by the speculator. The pertinent rate will be equivalent to that of a standard Post Office savings account.
Character Proof: Copy of government-provided ID, for example, Passport/Voter ID card/Driving License/Aadhaar, and so forth.
Address Proof: Government-gave ID or ongoing service bills.
Photos: Passport size photos.
Maximum Investment Amount in Post Office MIS
Even though there is no restriction on the number of accounts held by a person, there are constraints on the highest sum that can be in total contributed overall POMIS accounts.
- On account of an exclusively working account, the most extreme investment permitted in POMIS is Rs.4.5 lakhs.
- On account of joint holders (up to 3 joint holders), a limit of Rs.9 lakhs can be put resources into POMIS.