Post Office Monthly Income Scheme (POMIS) offers a monthly income with a 5-year term deposit with a 7.4% fixed interest rate. Deposits will receive consistent monthly returns for five years without any market risk.
Investing in the Post Office Monthly Income Scheme (POIMS) is an excellent option for those who want a steady monthly income without any risk. The POIMS scheme offers a fixed interest rate, currently set at 7.4% per annum, paid monthly upon maturity. The tenure of this scheme is for 5 years, meaning consistent monthly returns for five years without any market risk.
Investing some hard-earned money for the future is recommended, as this will help avoid any financial burden that may arise later. This scheme is ideal for investment security and a stable monthly income. Senior citizens above 60 will find this scheme particularly useful for monthly expenses after retirement.
Anyone can open an account in this monthly income scheme, and a joint account can also be taken with a maximum of three people. A guardian account can be opened in the name of a child who has completed 10 years of age. The minimum investment allowed for this scheme is Rs.1000/-, while the maximum investment is Rs.9 lakhs for a single account and Rs.15 lakhs for a joint account.
It is important to note that the interest earned under this scheme is taxable. Premature termination will reduce interest rate, so investors are advised to complete the full 5-year tenure to receive the maximum benefits.
For example, if you want to earn Rs.9,000/- per month through the Post Office Monthly Income Scheme, you can deposit Rs.15 lakhs in a joint account. At the current interest rate of 7.4%, you will receive a monthly interest payment of Rs.9,250/-. Your monthly income depends on your investment, so you can invest accordingly to have sufficient income for your monthly expenses.
