The Post Office Monthly Income Scheme (POMIS) is a government-backed savings initiative that ensures a fixed monthly income for investors. If you’re looking for a safe, risk-free investment with steady returns, this scheme could be an ideal choice. By investing a lump sum, you can earn guaranteed monthly interest over a tenure of five years.
Post Office MIS Scheme
| Feature | Details |
|---|---|
| Scheme Name | Post Office Monthly Income Scheme (POMIS) |
| Interest Rate (as of 2024) | 7.4% per annum (paid monthly) |
| Maximum Investment | ₹9 lakh (single account), ₹15 lakh (joint account) |
| Tenure | 5 years |
| Monthly Payout on ₹15 Lakh Investment | ₹9,250 |
| Premature Withdrawal | Allowed after 1 year (with penalty) |
| Tax Benefits | Interest is taxable, no TDS |
| Official Website | India Post |
The Post Office Monthly Income Scheme (POMIS) is one of the best low-risk investment options for those looking for a stable and guaranteed monthly income. With an attractive 7.4% annual interest rate, it is especially suitable for retirees, pensioners, and conservative investors. However, keep in mind that interest is taxable, and early withdrawals have penalties.
For more details, visit your nearest post office or check out the official India Post website.
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What is the Post Office MIS Scheme (POMIS)?
The POMIS is a fixed-income savings scheme offered by the Indian government through India Post. It is designed for individuals who want to earn a stable monthly return while keeping their capital safe.
The scheme works by allowing investors to deposit a lump sum amount, which earns a fixed monthly interest at a pre-determined rate. This interest is paid out every month, making it an attractive option for retirees, pensioners, or those seeking passive income.
Post Office MIS Scheme: How to Earn ₹9,250 Every Month?
To achieve ₹9,250 in monthly income, you need to invest the maximum permissible amount in a joint account.
Calculation Example:
- Investment: ₹15,00,000 (Maximum for Joint Account)
- Annual Interest Rate: 7.4%
- Annual Interest Earned: ₹15,00,000 × 7.4% = ₹1,11,000
- Monthly Interest Earned: ₹1,11,000 ÷ 12 = ₹9,250
This means that by investing ₹15 lakh, you can receive ₹9,250 every month for five years, amounting to ₹5,55,000 in total interest earnings.
Who Can Open a Post Office MIS Scheme Account?
Eligibility Criteria:
- Any Indian resident can open an account.
- Minors above 10 years can also open an account (with a guardian’s assistance).
- Joint accounts can be opened by up to three adults, with equal ownership.
- Hindu Undivided Families (HUFs) and NRIs are not eligible.
Investment Limits
| Account Type | Minimum Deposit | Maximum Deposit |
| Single Account | ₹1,000 | ₹9,00,000 |
| Joint Account (Up to 3 People) | ₹1,000 per person | ₹15,00,000 |
How to Open a Post Office MIS Scheme Account?
Follow these steps to open a POMIS account at the nearest post office:
- Visit your local post office and request a POMIS account opening form.
- Fill out the form with the required details.
- Submit the following documents:
- Identity proof (Aadhaar, PAN, Passport, etc.)
- Address proof (Aadhaar, Utility Bill, etc.)
- Passport-size photographs
- Initial deposit cheque or cash
- Choose whether you want the monthly interest credited to your savings account or collected manually.
- Your account will be activated after verification.
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Benefits of the Post Office MIS Scheme
- Government-Backed Security – Your money is 100% safe as the scheme is operated by India Post.
- Fixed Monthly Income – Unlike stock market investments, the returns are predictable and stable.
- Easy Liquidity – You can withdraw your money after one year (with a minor penalty).
- Simple Process – No complex paperwork; account can be opened at any post office.
- Flexible Investment – Suitable for both small and large investors.
Important Considerations
- No Tax Benefits: The interest earned is taxable and must be declared in your annual income tax return.
- Premature Withdrawal: If you withdraw:
- Before 1 year: No interest is paid.
- Between 1-3 years: 2% penalty on deposit amount.
- After 3 years: 1% penalty on deposit amount.
- Reinvestment Options: You can reinvest the matured amount into another POMIS account.
Comparison: POMIS vs. Other Fixed Income Options
| Feature | POMIS | Fixed Deposit (FD) | Senior Citizen Scheme |
| Interest Rate | 7.4% | 6%-8% (varies) | 8.2% |
| Tenure | 5 years | 1-10 years | 5 years |
| Risk Level | Very Low | Low | Low |
| Tax-Free? | No | No | No (but benefits for seniors) |
| Premature Withdrawal? | Yes (with penalty) | Yes (with penalty) | Yes (with penalty) |
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Post Office MIS Scheme (FAQs)
Can I withdraw my money before five years?
Yes, but there are penalties. Withdrawal is allowed after 1 year with a 2% penalty (1% if withdrawn after 3 years).
Is the interest taxable?
Yes, interest earned is taxable as per your income tax slab. However, there is no TDS (Tax Deducted at Source).
Can I open multiple POMIS accounts?
Yes, but the total investment cannot exceed ₹9 lakh (single) or ₹15 lakh (joint) across all accounts.
What happens after five years?
You can withdraw your full deposit or reinvest in the scheme.
How can I receive my monthly interest?
You can choose to credit it to your savings account or collect it from the post office.
