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Post Office Monthly Income Scheme (POMIS): If you are looking for investment scheme options for guaranteed returns then you can also invest in post office schemes. In this scheme you can avail high returns without any risk.
Investors also get guaranteed returns in Post Office Monthly Income Scheme (POMIS). In this scheme you can open single or joint account.
Apart from this, in this scheme you do not have to invest repeatedly i.e. you have to invest in lump sum. At present the annual interest rate in this scheme is 7.4 percent.
How to Open Monthly Income Account
You can open an account by going to your nearest post office. To open an account you have to fill the KYC form and attach a copy of PAN card.
If you open a joint account, you will also have to attach the PAN card of the other member.
About Post Office Monthly Income Scheme
- In this scheme the person gets interest every month. Interest is added as soon as the investor opens the account and at the end of every month until the account matures.
- The interest in this scheme is revised every quarter.
- The tenure of this scheme is 5 years.
- The investor cannot make any withdrawal from the account for 1 year after the account is opened.
- If the investor closes the account before 3 years, an amount of 2 percent is deducted from the principal amount. There is a deduction of 1 percent on closing the account after 3 years.
- In this scheme, you can invest a maximum of Rs 15 lakh and a minimum of Rs 1,000 in an account.
Post Office Monthly Income Scheme Calculator
If you have invested Rs 5 lakh in the post office scheme, then you will get interest income of Rs 3,083 every month at the rate of 7.4 percent interest. If you calculate in this way, you will get interest income of Rs 36,996 in one year.