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POMIS: Thinking of investing? Want a good scheme? Then give the key of investment to your wife. Then see how the lock of your luck opens. Actually, if you invest together with your wife, invest money in a scheme with good returns, then you will earn every month, every year. Stay tension free, this investment is also completely safe. Small savings schemes of post office are great. There is a scheme of the government, in which husband and wife can earn guaranteed income every month through a joint account. In this, the investment has to be made in lump sum.
Invest only once
You can earn income through Post Office Monthly Income Scheme (POMIS). There is a facility to open a joint account in MIS scheme. Both single and joint (up to 3 people) accounts can be opened in this scheme. Investment has to be made only once in MIS account. Its maturity is 5 years. 7.4 percent interest is being received on MIS.
POMIS: This is how monthly income is decided
A maximum of 9 lakh rupees can be deposited in a single account in MIS. Whereas, the deposit limit in a joint account is 15 lakh rupees. There is also an option to withdraw the total principal amount after 5 years of maturity. Also, it can be extended for another 5 years. After every 5 years, there will be an option to take your principal amount or continue the scheme. The interest received on the account is deposited in your post office savings account every month.
POMIS: Monthly income of ₹9250 for husband and wife
Suppose a husband and wife have opened a joint account. They have deposited Rs 15 lakh in the joint account. It earns an annual interest of Rs 1,11,000 at the rate of 7.4 percent. If this is divided over 12 months, you will get Rs 9250 every month.
Facility to convert single to joint or joint to single
As per the rules, two or three people can open a joint account in MIS. The income received against this account is given equally to each member. A joint account can be converted into a single account at any time. A single account can also be converted into a joint account. A joint application of all the account holders is required to make any changes in the account.
POMIS: Premature Closure Option
The maturity period of MIS is 5 years. But, there is also an option to close it prematurely. Money can be withdrawn only after one year from the date of deposit. According to the rules, if you withdraw money between 1 year to 3 years, then 2% of the deposit amount will be refunded. If you withdraw money anytime before maturity after 3 years of opening the account, then 1% of your deposit amount will be refunded.
POMIS: Who can open an account?
Any citizen of the country can open a Post Office Monthly Investment Scheme. There are options for both adults and minors. An account can also be opened in the name of a child. If the child is below 10 years of age, his parents or legal guardians can open an account in his name. When the child turns 10, he can also get the right to operate the account himself. For an MIS account, it is necessary to have a savings account in the post office. Aadhar card, PAN card will have to be given for ID proof.
