What is Post of Monthly Income
Scheme (POMIS):Post office investment is always safe investment destination in India, especially when it comes to small & Safe investment post always plays vital roll. It is not very famous in urban India most of us often prefer Fixed deposit / Recurring deposit etc., but Post office Monthly Income Scheme offers greater possibilities.
Eligibility for POMIS:
Any individual singly or jointly
with other one or two adults.
A guardian on behalf of minor or a
person of unsound mind.
A minor who has attained the age of
10 years.
Minimum Investment in POMIS:
Minimum
Investment in POMIS is Rs.1500
Maximum Investment in POMIS
Maximum
Investment in POMIS is Rs. 4.5 lakhs in single account and Rs. 9 lakhs in joint
account.
Any
number of accounts can be opened subject to the maximum prescribed limit.
Maturity Period
Maturity
Period in POMIS is 5 years
Interest Rate in POMIS
Interest
Rate in POMIS is 8.4%
Other Features in POMISDeposits are exempt from Wealth Tax.
Non-Resident Indians and HUFs are ineligible to open the account.
Facility of automatic credit of monthly interest to saving account if accounts are at the same post office.
Interest not withdrawn do not earn any interest.
Minors have a separate limit of investment of Rs. 3 lakhs and the same is not clubbed with the limit of guardian.
No tax deduction at source.
A single Monthly Income Scheme Account can be converted into joint Account and vice versa.
You can earn more than 8.4% we explain how?
Once you invested money you will get certificate and passbook for the same, you can also invest your interest money in RD account for 5 years. By investing the earned investment you can earn more than 8.4% at end of the 5 years.
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