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Post Office Monthly Income Scheme (POMIS) calculator: Do a job, earn money, then invest and earn interest. But, in most schemes, due to the maturity period, you have to wait for your money for a long time. How would it be if there is a scheme in which you invest money once and forget it but income keeps coming to the house every month? Post Office solves this problem of yours. Guaranteed income on investments without risk. Post Office Monthly Income Scheme is the best option. In MIS, you will have to deposit money once, then you will get guaranteed income every month for the next 5 years. There is option of single and joint account in MIS. From January 1, 2024, 7.4 percent annual interest is being given on MIS.
Post Office MIS: What is it and how is it beneficial?
In this post office scheme, you can deposit up to Rs 9 lakh in a single account (POMIS account) and up to Rs 15 lakh in a joint account. If you wish, your entire principal amount will be returned after the maturity period of 5 years. At the same time, it can be extended for another 5 years. After every 5 years, there will be an option to take the principal amount or extend the scheme. The interest received on the account is credited to your savings account every month.
POMIS: Guaranteed income will be Rs 66,600
Suppose you open a single account in Post Office MIS and deposit a maximum of Rs 9 lakh. The interest rate on this is 7.4 percent per annum. In this way there will be an income of Rs 5,550 every month. In this way the income in 12 months will be Rs 66,600. In this way, the total guaranteed income from interest in 5 years will be Rs 3.33 lakh.
What is the rule regarding joint account?
According to the rules, two or three people can open a joint account in MIS. The income received from this account is given equally to every member. Joint account can be converted into single account at any time. Single account can also be converted into joint account. To make any change in the account, all the account members have to give a joint application. Premature closure may also occur in this. But then there is tax exemption.
Account can be opened with just ₹1000
An account can be opened in POMIS Scheme with a minimum investment of Rs 1000 and investment can be made in multiples of Rs 1000. According to India Post, interest is earned every month in MIS. Any Indian citizen can invest in Post Office Monthly Income Scheme (POMIS).
What documents will be required?
To open an MIS account, you must have Aadhar Card or Passport or Voter Card or Driving License as ID proof. You will have to provide 2 passport size photographs. Utility bills will be valid for address proof. Apart from this you will have to fill the form of Post Office Monthly Income Scheme. You can also download it online. Nominee information is important.