The Post Office Monthly Income Scheme (POMIS) Premature Rules have been revised, and the POMIS New Rules 2024 will be effective from 15 March 2024. Every Investor must know the new conditions to prevent the scheme’s benefits from losses and pay penalties.
If you have invested in the Post Office Monthly Income Scheme and want to withdraw your money before maturity, you should be aware of some new rules that have been implemented. This scheme is popular among people who want a stable monthly income without any risk. However, you must meet some conditions and pay penalties if you want to withdraw your money before maturity.
The Post Office Monthly Income Scheme does not allow early withdrawals within one year from the date of deposit. After one year, you can withdraw your money before maturity, but penalties will apply. The POMIS new rules are effective March 15, 2024.
If you withdraw your money within three years after one year of investment in the monthly income scheme, 2% of your cash balance will be deducted. The remaining amount will be paid to you. If you withdraw your money before maturity within five years after three years of account opening, a penalty of 1% of your investment amount will be charged. 1% will be deducted, and the remaining amount will be paid to you.
Currently, the interest rate for the January-June quarter of this year in the Post Office Monthly Income Scheme is 7.4%. Interest is calculated and credited to your account one month after the account opening date. If you do not take the interest deposited in the account, no interest will be paid on it. However, you can choose to deposit the interest in another bank account. The post office will refund the excess cash if you deposit more than the specified limit. The savings account pays interest from when the account is opened until the refund is completed.
