How to Benefit from the Post Office Monthly Income Scheme (POMIS) and Make Money Every Month.
A lot of people in India are in the middle class, which puts a lot of value on reliable businesses. Post office savings plans are still trusted by a lot of people because they offer a safe way to earn returns that aren’t affected by market risks. One popular option is the **Post Office regular Income Scheme (POMIS)**, which lets people get a regular income with little risk.
That’s the Post Office Monthly Income Scheme (POMIS).
The POMIS is a guaranteed five-year plan that gives owners a steady monthly income. Currently, the plan gives account users 7.4% interest every month. This is a great way to make extra money, especially when you’re retired or looking for a low-risk retirement investment.
POMIS’s Most Important Features
A minimum investment of 1,000 INR is needed to open an account.
Maximum Investment: Up to 9 lakh INR for a single account and 15 lakh INR for a shared account.
Limit on closing accounts: accounts can’t be closed in the first year. There is a 2% fee for closing any sooner than three years, and a 1% fee for closing after three years.
Investments give investors a steady monthly income that can help them pay their usual bills.
What kind of money can you make?
The amount invested determines the monthly income. For example, at the current interest rate, if you spend 5 lakh INR, you’ll get back about 3,084 INR every month. For larger purchases, like 9 lakh INR, the monthly income rises to about 5,550 INR.
Methods to Create a POMIS Account
1. Travel to the Nearest Post Office: Get the POMIS account starting form at any post office.
2. Fill out the form and send it in with your authentication papers, like your PAN card and ID.
3. Pick an Investment Amount: Put in the amount you want to invest; you can use a personal or shared account.
Important Things to Keep In Mind
- Optional Income: You can get paid monthly, quarterly, semi-annually, or yearly.
- Premature Withdrawal: Accounts can’t be stopped before the end of the year. Withdrawals made before the full five-year term come with a fee.
When Should You Pick POMIS?
As an investor, POMIS is a safe and easy choice because it gives a guaranteed interest rate and the option for monthly payouts. It’s perfect for prudent investors who would rather have a steady salary than market-based returns.
Disclaimer:
For your general knowledge, the information here is not financial advice. Prior to making any investing choices, please talk to a financial advisor. Losses or gains are not our responsibility.
