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This post office scheme is recognized by the Ministry of Finance like other postal schemes. Sovereign Guarantee Post Office MIS Account is a safe investment compared to equity shares and other fixed income options.
Post Office Monthly Income Service (POMIS)
Currently, most banks offer interest ranging from 2.75 percent to 3.50 percent on their savings accounts. If you want to get more than double the interest on your savings account, then you can take advantage of this scheme of the post office.
By opening an account in Post Office Monthly Income Service (POMIS), you can earn more than seven percent interest. 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 approved by the Finance Ministry. Sovereign Guarantee Post Office MIS Account is a safe investment compared to equity shares and many fixed income options.
Eligibility for MIS
The investor must be a resident Indian to open a POMIS account. 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:
Proof of Identity: Copy of any ID issued by the government like passport or voter ID card or driving license or Aadhaar number etc.
Proof of Address: Government-issued ID containing the investor's residential address or a recent utility bill.
Photograph: Passport size photograph
In this way you can open MIS account
To open an MIS account, you must have a post office savings account. If not then open it first. Get the application form from your nearest post office. You can download the Post Office MIS Account Application Form from this link: 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. By cash or check to open POMIS account by the investor as per the scheme norms.
By opening an account you can earn more than seven percent interest. After this your account will be opened. Then you can easily invest in it as per your savings.