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Maximum Deposit: Rs 9 lakh (single account) or Rs 15 lakh (joint account)
Tenure: 5 years (fixed)
Interest Rate (2024)
Interest rate: 7.4% per annum
single adult
Joint account for three adults
Guardians of minors or mentally incompetent persons
Minors above 10 years of age in their own name
How to calculate monthly income?
Formula for calculating monthly income under POMIS:
Monthly Income = Deposit Amount × Interest Rate ÷ 12
Rs 5 lakh → Rs 3,083 monthly
Rs 9 lakh → Rs 5,550 monthly
Rs 15 lakh → Rs 9,250 monthly
Post Office Monthly Income Scheme
An account can be opened with a minimum of Rs 1,000.
The amount deposited in all the accounts of an individual cannot exceed Rs 9 lakh.
Investment up to Rs 15 lakh is possible in a joint account.
interest payment
Interest is received every month.
Payment can be taken through ECS or by auto-credit to the linked savings account.
No additional interest is available on unclaimed interest.
Interest income is taxable.
premature withdrawal
Withdrawals are allowed after 1 year, but with penalties:
1-3 years: 2% reduction.
3-5 years: 1% reduction.
maturity benefit
The account matures after 5 years.
The principal amount deposited is returned on maturity.
On the death of the account holder, the nominee or legal heir can close the account.
Why choose pomace?
Secure Returns: It is run by the government and the money is completely safe.
Regular Income: Retired individuals and conservative investors will benefit.