Invest ₹9,00,000 in This Post Office Scheme & Earn Guaranteed Monthly Income
Put ₹9 Lakh in the Post Office and Get Fixed Income Every Month, Full Details Inside: The Post Office Monthly Income Scheme (POMIS) is a safe investment option backed by the Government of India and approved by the Ministry of Finance. This scheme suits investors who want a steady monthly income with very low risk.
At present, POMIS offers an interest rate of 7.4% per year, and the post office credits the interest every month directly to the investor’s account. To open an account, an investor must deposit at least ₹1,000. After opening the account, the investor makes a one-time lump sum deposit based on their capacity.
If you invest ₹9,00,000 in the Post Office Monthly Income Scheme, you will earn around ₹5,550 every month at the current interest rate of 7.4%. The post office pays this amount regularly, making it a reliable income source.
Key Features of the Post Office Monthly Income Scheme:
The Post Office Monthly Income Scheme has a maturity period of 5 years. An individual can open the account alone or jointly with up to two other people. The account holder can also nominate a family member to receive the benefits in case of death. If you do not add a nominee while opening the account, you can add one later.
You can transfer the account from one post office to another anywhere in India, which adds flexibility. The monthly interest is fully taxable and is added to the investor’s income according to their tax slab. This scheme does not offer any tax benefit under Section 80C. The post office does not deduct TDS, but the investor must declare the interest income while filing their tax return.
Deposit Limits Under the Scheme:
To open a POMIS account, you need a minimum deposit of ₹1,000. The scheme allows only one deposit per account. The maximum investment limit is ₹9 lakh for a single account and ₹15 lakh for a joint account. An individual cannot invest more than these limits across all POMIS accounts.
After completing one year, the account holder can withdraw the amount and close the account if needed. If the investor does not withdraw the monthly interest, the post office does not pay any extra interest on the unclaimed amount.
Rules for Account Closure:
You cannot close the account before one year from the date of opening. If you close the account between 1 and 3 years, the post office deducts 2% of the deposited amount. If you close the account after 3 years, the deduction reduces to 1%, and the remaining amount is paid to the investor.
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