The Post Office Monthly Income Scheme (POMIS) is a popular savings scheme offered by the Indian Postal Service. It has several features that make it an attractive investment option for those looking for a regular source of income. Some of the key features of POMIS are:
- Regular Monthly Income: POMIS provides a fixed and regular monthly income to investors for a period of five years. This is particularly useful for those who are looking for a stable source of income without taking on too much risk.
- Low Investment Amount: The minimum investment amount for POMIS is Rs. 1,000, which makes it an accessible option for all types of investors.
- High Investment Limit: The maximum investment limit for a single account is Rs. 4.5 lakhs, while for a joint account it is Rs. 9 lakhs. This allows investors to invest a substantial amount and earn a higher return.
- Safe and Secure Investment: As POMIS is backed by the Indian government, it is considered a safe and secure investment option. The risk involved is low, making it a good option for those who want to avoid high-risk investments.
- Fixed Interest Rate: The interest rate for POMIS is fixed and is currently 6.6% per annum, payable monthly. This means that investors can be assured of a steady income every month.
- Easy Application Process: Investors can open a POMIS account at any post office in India. The application process is simple, and investors are required to submit the necessary documents, such as identity proof, address proof, and a passport-sized photograph.
- Tenure: The tenure for POMIS is five years. Investors can choose to extend their investment for an additional five years after the maturity period.
In summary, POMIS is a low-risk investment option that provides a regular and fixed monthly income to investors. With its low investment amount, high investment limit, and fixed interest rate, POMIS is an attractive option for those looking for a safe and secure investment. Additionally, the easy application process and simple documentation requirements make it an accessible option for all types of investors.
Eligibility of MIS Scheme in Post Office
The Post Office Monthly Income Scheme (POMIS) is a savings scheme offered by the Indian Postal Service that is available to all Indian residents. However, to be eligible to open a POMIS account, investors need to meet the following criteria:
- Age Limit: Individuals who are 10 years of age or older can open a POMIS account.
- Investment Limit: The minimum investment amount for a POMIS account is Rs. 1,000, while the maximum investment limit is Rs. 4.5 lakhs for a single account and Rs. 9 lakhs for a joint account.
- Investment Tenure: The investment tenure for a POMIS account is 5 years. Investors cannot withdraw the investment before the maturity date. However, they can choose to reinvest the investment after the maturity period for another 5 years.
- Documentation: Investors need to provide a valid identity proof, address proof, and passport-sized photographs for opening a POMIS account.
- Nominee: Investors need to nominate a person to receive the invested amount and the interest accrued in case of their death.
In addition to the above criteria, investors should also note that POMIS investments are subject to taxes. The interest earned on the investment is taxable, and investors need to pay taxes on the interest earned based on their income tax slab.
In summary, the eligibility criteria for opening a POMIS account include the age limit, investment limit, investment tenure, documentation requirements, and nomination of a person as the nominee for the account. The POMIS scheme is open to all Indian residents, and investors can start earning a fixed and regular monthly income from their investment.