Do you want to invest money in a place from where you get a fixed income every month? Then the Post Office Monthly Income Scheme is perfect for you. This scheme gives you money every month and also keeps your money safe. Let’s know about this scheme in detail.
What is the Post Office Monthly Income Scheme?
Post Office Monthly Income Scheme, also known as Post Office Monthly Income Scheme or POMIS in English, is a scheme where you deposit your money and get interest on it every month. This scheme is run by the Government of India, so it is very safe. The interest rate in this scheme is currently 7.4% per annum. That is, if you deposit Rs 1 lakh, you will get Rs 7,400 interest every year. You get this interest in equal parts every month.
Features of Post Office Monthly Income Scheme
- How long will the money be deposited: When you invest money in this scheme, it remains deposited for 5 years. During this time you cannot withdraw your money.
- How much money can you invest: You can invest a maximum of Rs 9 lakh in this scheme. If you open an account jointly with someone else, you can invest up to Rs 15 lakh.
- You can take the account anywhere: If you shift somewhere else, you can easily transfer your account to the post office there.
- You can open an account together: You can open an account jointly with up to three people. In this, everyone gets equal rights.
- Account for children too: If your child is more than 10 years old, you can open this account in his name as well.
- Interest directly in the bank: The interest received every month can be deposited directly in your bank account.
Benefits of Post Office Monthly Income Scheme
There are many benefits of investing money in this scheme:
- Fixed income: You get a fixed amount every month. No matter what happens in the market, your income remains fixed.
- Safe investment: This scheme is run by the government, so your money is absolutely safe.
- Easy start: You can open this account with just Rs 1000. That is, you can start with small savings.
- Tax savings: You can get tax exemption on the interest received from this scheme.
- Opportunity to earn more: You can earn more money by investing the interest you get elsewhere.
The Post Office Monthly Income Scheme is very good for those who want to keep their money safe and want some fixed income every month. It is especially very beneficial for retired people, housewives and small investors.
Remember, think about your needs and goals before any investment. If you feel that you need a fixed income every month and you do not want to withdraw your money for 5 years, then the Post Office Monthly Income Scheme can be a great option for you.
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