In search of a secure, government-backed way to earn a steady monthly income? Here’s a scheme that offers just that, minus the risk!
What is the Post Office Monthly Income Scheme (POMIS)?
The Post Office Monthly Income Scheme (POMIS) is a government-backed plan offering a guaranteed monthly payout. This investment scheme is perfect for those looking to generate extra income without losing sleep over market volatility.
Key Benefits of POMIS:
- Fixed Monthly Income: Invest once, and enjoy monthly returns.
- Government Secured: The scheme is backed by the Indian Government, ensuring your investment stays safe.
- Attractive Interest Rate: Currently at 7.4%, the interest rate guarantees steady income each month.
How Much Can You Earn?
Here’s how much you can make based on your investment:
- Invest ₹5 lakh: Earn ₹3,000 per month.
- Invest ₹9 lakh: Earn ₹5,550 monthly.
- Joint account with ₹15 lakh: Earn ₹9,250 monthly.
With returns like these, POMIS offers a risk-free way to create a passive income stream.
Who Can Apply?
- Single Account: Any adult over 18.
- Joint Accounts: Up to two adults can open an account together.
- For Minors: Guardians can open an account on behalf of children under 10 years old.
Features That Make POMIS Stand Out
- Guaranteed Returns: You’ll get a guaranteed monthly payout, directly credited to your post office savings account.
- Investment Range: Individual accounts can invest from ₹1,000 to ₹9 lakh, while joint accounts can go up to ₹15 lakh.
- Withdrawal Rules: Although the lock-in period is one year, early withdrawals are allowed with a small penalty of 1-2%, depending on the withdrawal timeline.
- Maturity Period: The scheme matures in five years, after which you can withdraw your investment or renew the account.
Who Should Opt for POMIS?
If you’re looking for a risk-free and stable way to build a monthly income, POMIS could be the ideal choice. It’s particularly suited for retirees, risk-averse investors, or anyone seeking a steady cash flow.
FAQs About POMIS:
- Is POMIS safe? Yes, POMIS is fully backed by the Indian Government, making it a safe investment.
- What is the interest rate for POMIS? The current interest rate is 7.4%, credited monthly.
- Can I withdraw my investment early? Yes, but there’s a 2% penalty if withdrawn before 3 years, and 1% if after 3 years but before maturity.
- What is the maximum amount I can invest? Individuals can invest up to ₹9 lakh, while joint accounts allow up to ₹15 lakh.
Disclaimer: Please refer official website for more correct information to avoid any errors
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