The monthly income scheme of the post office has many advantages. Here, two or three people can open an account together.
Post Office Saving Schemes: In the new year, more and more people are re-building their portfolio. Taking lessons from last year’s corona attacks, people have focused their attention on saving and increasing income. If you too are planning something similar, then we have brought such an investment plan for you where you will have a fixed income every month as well as your money will be completely safe.
Here we are telling you about the monthly savings scheme of the Post Office Schemes. Although there are many schemes in the post office where money can be invested, but under monthly income scheme you can earn every month.
What is Post Office Monthly Income Plan
You can open an account opened in Post Office Monthly Income Scheme either alone or together with your life partner, both ways. In this scheme, two or three people can also jointly open a joint account.
You can invest at least Rs 1,000 and maximum Rs 4.5 lakh under POMIS in a personal account. The maximum money limit in a joint account is up to 9 lakh rupees.
An account can be opened in the Post Office Monthly Income Scheme (POMIS) also in the name of a minor, but up to Rs 3 lakh can be invested in such an account.
How to open an account (Monthly Income Account-MIS)
You can open your savings account by going to the nearest post office. Separate form has to be filled for monthly income scheme. While filling the form of POMIS, you will need identity card, residential proof, 2 passport size photographs. While filling the form, you will also need a witness. Keep in mind that while opening an account, you must fill the nominee’s name. After filling the nominee’s name, his sign will also be needed.
What is the benefit (Post office monthly income plan)
The monthly income scheme of the post office has many advantages. Here, two or three people can open an account together. Income from this account is divided among all the partners. You can also change a single account to a joint account and you can change a joint account to a single account at any time.
Post Office Saving Schemes Interest rates
The Post Office Monthly Income Scheme (POMIS) offers 7.5 percent interest annually. It offers better returns than debt instruments.
Scheme duration
The maturity period of Post Office Monthly Income Scheme (POMIS) is 5 years. If you withdraw money before time, then you may have to bear some loss. If you withdraw the money deposited within one year, you will not get any return on it. If you withdraw money before 3 years, you have to pay 2 percent penalty. After 3 years, there is a deduction of 1 percent from the amount deposited in the account.
Also Read: EPFO Latest Update: Today can be supreme decision regarding your pension, you can get big relief
