If you have been wondering how to create a steady income without any risk, this article can be a game-changer for you. The Post Office Monthly Income Scheme (POMIS) is one of the safest and most reliable investment options for people who want a regular monthly income along with the security of government-backed returns.
Imagine investing your money just once and receiving a fixed amount every month without worrying about market ups and downs. That’s exactly what this scheme offers – peace of mind and a guaranteed income.
What is the Post Office Monthly Income Scheme (POMIS)?
The POMIS is a government savings scheme where you deposit a lump sum amount, and in return, you receive fixed monthly interest directly in your savings account. This makes it ideal for retirees, homemakers, and individuals looking for a risk-free income source.
How Much Can You Invest?
- Single Account – Maximum investment: ₹9 lakh
- Joint Account – Maximum investment: ₹15 lakh
- For example, if you and your spouse open a joint account and deposit ₹10 lakh, you will earn an annual interest rate of 7.4%. This means:
- Monthly Income – Around ₹6,167
- Yearly Income – Nearly ₹74,000 credited directly to your Post Office Savings Account
How to Open a POMIS Account?
- Visit your nearest Post Office.
- Carry required documents – Aadhaar Card, PAN Card, and a Post Office Savings Account.
- Minimum deposit: ₹1,000 (and in multiples of ₹1,000 thereafter).
Maturity & Withdrawal Rules
- Maturity Period – 5 years (extendable in blocks of 5 years)
- Premature Withdrawal – Allowed after 1 year with a small deduction:
- Before 3 years – 2% deduction
- After 3 years but before maturity – 1% deduction