What is the story about?
Post Office MIS: Post Office Monthly Income Scheme (POMIS) is a government-backed savings scheme, which is also called the National Savings Monthly Income Scheme Account.
It is considered a low-risk investment that offers guaranteed returns. To invest, you must be an Indian resident and at least 18 years old. Currently, the scheme offers a certain interest rate, which is mentioned below and requires a one-time investment. In this article, we will explore the eligibility, interest rate, maturity details and how much you need to invest to earn Rs 9000 a month. But before we get to the core of the story, let’s understand what a Post Office Monthly Income Scheme and later we will get into how to earn Rs 9000 monthly.
What is POMIS?
The Post Office Monthly Income Scheme (POMIS) is one of India’s most preferred investment options for those seeking a fixed, guaranteed monthly income with minimal risk. Backed by the Government of India, it is especially suited for retirees, middle-class families, and anyone looking for hassle-free monthly earnings.
What is current interest rate in Post Office Monthly Income Scheme?
The current interest rate of POMIS is 7.4 per cent. It continues to remain attractive, offering more stability compared to bank FDs and other small savings schemes.
Eligibility for POMIS scheme
A POMIS account can be opened by a single adult who is an Indian citizen, a joint account of up to three adults, a guardian on behalf of a minor or a person of unsound mind, or by a minor over 10 years in their own name.
What is minimum and maximum investment amount in POMIS?
The minimum amount to open a POMIS account is Rs 1000, with further deposits in multiples of Rs 1000. The maximum investment limit is Rs 9 lakh for a single account and Rs 15 lakh for a joint account.
How much do you need to invest to earn Rs 9000 monthly in POMIS?
For example, a deposit of Rs 5 lakh will give a monthly income of Rs 3,083.33, Rs 9 lakh will provide Rs 5,550 per month, and Rs 15 lakh will yield Rs 9,250 per month and Rs 1,11,000 annually, depending on POMIS's current interest rate.
Maturity period
- The Post Office MIS has a fixed term of five years.
- At the end of five years, you may either withdraw the entire amount or you can roll the value into a new MIS account.
- If you do not withdraw the value at the maturity period, the funds will continue to attract deposits at the post office savings account interest rate.
