The Post Office Monthly Income Scheme (POMIS) is a scheme backed by the Government of India that helps investors to save a decent amount every month. The interest is added to the investment at the specific rate applicable and paid out to the depositors every month. This is what is post office monthly income scheme known as.
Pay You Water/Electricity/Piped Gas Bills via NoBroker and Get Assured Cashback! Get home loans at the lowest interest rate from NoBroker and avoid hefty paperworkNow that I have defined what is monthly income scheme account in post office, let us learn about the eligibility criteria of POMIS.
A resident of India can apply for the POMIS scheme. NRIs and Hindu Undivided Families (HUFs) cannot apply.
Any person above the age of 10 years can apply in this scheme.
The maximum amount you can invest singly is Rs. 4.5 lakh. And if it is a joint account you can invest upto Rs. 9 lakh. A minor can invest upto Rs. 3 lakh.
Since you have asked about ‘what is MIS scheme in post office’, I will share the interest rates with you as well.
| Period | Interest Rate on Post Office MIS (annual) |
| 1st April 2022 – 30th June 2022 | 6.60% |
1st April 2021 – 31st December 2021 |
6.60% |
1st April 2018 – 30th June 2018 |
7.3% |
1st January 2018 – 31st March 2018 |
7.3% |
1st October 2017 – 31st December 2017 |
7.5% |
1st July 2017 – 30th September 2017 |
7.5% |
1st April 2017 – 30th June 2017 |
7.6% |
Open a Post Office Savings account.
Get POMIS Account application form.
Submit the self-attested copies of the required documents at the post office.
Fill in your Name, DOB and Mobile no. of the nominees (if any).
Make a minimum deposit of Rs. 1,000 via cash or cheque.
This was all about what is post office monthly income scheme. I hope you find this informative.
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What is post office monthly income scheme?
Kapil
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2022-08-31T23:42:24+00:00 2022-09-01T00:56:36+00:00Comment
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