POMIS : If you are looking for a guaranteed return investment scheme, the Post Office Monthly Income Scheme (POMIS) can be a great option. This scheme offers investors a risk-free way to earn attractive returns. With POMIS, you can enjoy guaranteed returns without the worry of market fluctuations.
The scheme allows you to open either a single or joint account, making it flexible for individuals and families. One of the key advantages is that it does not require repeated investments. Instead, you make a lump-sum investment, and your money starts earning interest. Currently, this scheme offers an annual interest rate of 7.4%, making it a viable option for conservative investors seeking stability and guaranteed returns.
How Much Interest Can You Earn?
If you invest ₹5 lakh in this scheme, you can earn ₹3,083 every month at the rate of 7.4%. This would result in an annual interest income of ₹36,996. The best part is that the interest is paid monthly, ensuring a steady stream of income.
Features of the Post Office Monthly Income Scheme (POMIS)
- Monthly Interest Payment: Once you open an account, you start receiving interest at the end of each month until the account matures.
- Quarterly Interest Revisions: The interest rate is revised quarterly, offering potential benefits if the rates are adjusted.
- Five-Year Tenure: The tenure for this scheme is fixed at 5 years.
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Withdrawal Rules: During the first year, investors cannot make any withdrawals from the account. After one year, partial withdrawals are allowed, but penalties apply if the account is closed early.
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If the account is closed before 3 years, a 2% penalty on the principal amount is deducted.
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After 3 years, a 1% penalty is deducted if the account is closed prematurely.
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Investment Limits:
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Minimum Investment: ₹1,000
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Maximum Investment: ₹15 lakh in a single account.
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How to Open a Monthly Income Account
Opening a Post Office Monthly Income Scheme (POMIS) account is easy. You can visit your nearest post office and fill out a KYC form. Along with the form, you will need to attach a copy of your PAN card. If you are opening a joint account, you will also need to provide the PAN card details of the second account holder.
Conclusion
The Post Office Monthly Income Scheme is an excellent choice for those looking for safe, risk-free, and guaranteed returns. With its fixed interest rate of 7.4%, this scheme offers stability and a consistent income stream. Whether you’re an individual investor or looking to invest jointly, POMIS provides a simple, reliable way to grow your savings over a five-year period.
By making a lump-sum investment, you can enjoy monthly returns and ensure that your money works for you without taking on significant risks. With easy access and a flexible investment range, POMIS continues to be a popular choice for conservative investors in India.
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