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Post Office Saving Schemes 2024: Every person wants that his money should be invested in a safe place and get good returns on it. In this regard, Post Office Savings Schemes can be useful for you. There are many such schemes of Post Office which will give you income every month. If you are also looking for a scheme which is safe and gives you regular income every month, then Post Office Monthly Income Scheme (POMIS) is a better option.
What is Post Office Monthly Income Scheme?
Post Office Monthly Income Scheme (POMIS) is a small savings scheme. Once you deposit money in this scheme, you will get regular income for 5 years. You can open a single or joint account in this scheme. You can invest a maximum of Rs 9 lakh in a single account and a maximum of Rs 15 lakh in a joint account.
How does this scheme work?
This scheme is a type of fixed deposit, in which you deposit a fixed amount and receive income in the form of interest every month. Its investment period is five years.
How much interest will you get?
Post Office Monthly Income Scheme is giving an annual interest rate of 7.4%. If you invest Rs 9 lakh in it, you will get an interest of Rs 5,550 every month. If you deposit Rs 15 lakh, you will get an income of Rs 9,250 every month. However, interest rates may change from time to time.
What happens if you withdraw money before time?
Once you invest in this scheme, you cannot withdraw money for the first year. If you withdraw money between 3 to 5 years, then 1% of your investment amount will be deducted and returned. But if you invest after the completion of 5 years period, then you will get full benefit.
