Post Office Monthly Income Scheme Account: This scheme—like other post office schemes—is recognized and validated by the Ministry of Finance. Sovereign Guarantee Post Office MIS account is a safe investment compared to equity shares and many fixed income options.
At present, most of the banks are offering 2.75% to 3.50% interest on their savings accounts. If you want to get more than double the interest on your savings account, then you can approach the post office. You can get more than 7% interest by opening an account in Post Office Monthly Income Scheme (POMIS).
Post Office Monthly Income Scheme (POMIS) is the highest earning, low risk and regular return scheme. In this scheme, the investor can deposit every month, and the interest – as the name suggests – is paid monthly. The best part is that no TDS is deducted on interest income. This scheme—like other post office schemes—is recognized and validated by the Ministry of Finance. Sovereign Guarantee Post Office MIS account is a safe investment compared to equity shares and many fixed income options.
Eligibility for MIS
To open a POMIS account, the investor must be a resident Indian. Non-Resident Indians (NRIs) are not eligible to open Post Office MIS account. A resident Indian can also open a POMIS account on behalf of a minor child aged 10 years and above.
Documents required to open account
Following documents are required to open Post Office MIS account:
- Identity Proof: A copy of any ID issued by the government like passport or voter ID card or driving license or Aadhaar number etc.
- Address Proof: Government-issued ID containing the investor’s residential address or a recent utility bill.
- Photographs: Passport size photographs
This way you can open MIS account
- To open an MIS account, it is necessary that you have a post office savings account. If not then open it first.
- Get an application form from your nearest post office. You can download Post Office MIS Account Application Form from this link: https://www.indiapost.gov.in/VAS/DOP_PDFFiles/form/Accountopening.pdf
- After this you have to fill the form and submit it to the nearest post office along with self-attested copies of all the required documents.
- Keep the original documents with you as they will be required at the time of verification.
Provide the name, date of birth and mobile number of the nominee. - Don’t forget to carry at least ₹1000 in cash or check of the same amount. As per the scheme norms the investor has to deposit a minimum initial amount of ₹1000 through cash or check to open a POMIS account.
- After this your account will be opened. You can then easily invest in it as per your savings.
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