Post Office Monthly Income Scheme

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What is Post Office Monthly Income Scheme?

The Post Office Monthly Income Scheme is a Government of India initiated small savings scheme that allows the investor to set aside a specific amount every month. The interest is added to this investment at the applicable rate and paid to the depositor on monthly basis.

What is the Eligibility criteria?

Following individuals are eligible to avail of the scheme-

  • The people who are residents of India can apply.
  • Individuals of age above 10 years.

What are the Key Features of the Post Office Income Scheme?

Some of the primary key features of the Post Office Income Scheme are the ones given below:

  • The period of the scheme is 5 years.
  • The accounts can be held individually or jointly.
  • The minimum amount which is deposited is Rs.1500.
  • The nominee facility is available.
  • The funds can be freely transferred.
  • The scheme doesn’t come under Section 80C of the income tax.

What are all Documents Required?

Following are the documents that are required by the post office income scheme:

  • Identity Proof: Copy of Government-issued ID such as Passport / Voter ID card / Driving License/Aadhaar, etc.
  • Address Proof: Government-issued ID or recent utility bills.
  • Photographs: Passport size photograph.

What is the process of opening a POMIS Account?

If you want to open an account under the Post Office Monthly Income Scheme, then you have to follow the steps that are given below-

  • You must have a Post Office savings account. Open an account if you do not have one.
  • Get an application form from your Post Office.
  • Then fill and submit the form and copies of all the required documents at the post office.

             Note: You must carry the original documents for verification

  • Mention the Name, DOB and Mobile no. of the nominees (if any).
  • All the documents should be self-attested.
  • Proceed to make initial deposits (Minimum Rs.1500/-) via cash or cheque.

FAQ’s on Post Office Monthly Income Scheme

What is the monthly interest on Rs. 1 lakh in the Post Office?

Rs. 1 lakh in Post Office Monthly Income Scheme, with a maturity period of 5 years. At the annual interest rate of 7.7%, he will receive a fixed monthly payout of Rs. 641.66.

Which is better, MIS or FD?

A fixed deposit offers the lowest risk of any investment option, whereas an MIS almost always carries some trouble as a portion of the investment is inequities. On the plus side, you may get better than expected returns based on how the equities perform.

Is money safe in the Post Office?

The postal department offers many saving schemes, including reasonable interest rates on Fixed Deposits. The deposited money remains safe as the government provides security. Government of India guarantee is given on FD in the post office.