The Post Office Monthly Income Scheme (POMIS) is a savings scheme offered by the Indian Postal Service, which provides a fixed and regular monthly income to investors for a period of five years. Here are the steps to open a POMIS account:
Step 1: Visit the nearest Post Office To open a POMIS account, investors need to visit the nearest post office in India. They can locate their nearest post office by visiting the India Post website or by contacting the customer service center of India Post.
Step 2: Get the Account Opening Form Investors need to ask for the POMIS account opening form from the post office. The account opening form can also be downloaded from the India Post website.
Step 3: Fill out the Account Opening Form Investors need to fill out the account opening form with their personal details, such as their name, address, and contact information. They also need to provide their identity proof, address proof, and nominee details. Investors need to ensure that they provide accurate and complete information on the form.
Step 4: Submit the Required Documents Investors need to submit the account opening form along with the required documents, such as self-attested copies of their identity proof, address proof, and passport-sized photographs.
Step 5: Deposit the Investment Amount Investors need to deposit the investment amount in cash or by cheque at the post office. 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.
Step 6: Receive the Receipt and Passbook Once the account is opened, investors will receive a receipt from the post office as proof of the investment. They will also receive a passbook that contains the details of the investment, such as the investment amount, interest rate, maturity date, and monthly interest payouts.
In summary, investors can open a POMIS account by visiting the nearest post office, filling out the account opening form, submitting the required documents, depositing the investment amount, and receiving the receipt and passbook. The process is simple and easy, and investors can start earning a fixed and regular monthly income from their investment.