Post Office Monthly Income Scheme: The Post Office operates a number of small savings schemes. If you want to earn monthly income by investing once, then Post Office Monthly Income Scheme (POMIS) will be right for you. By investing in this government scheme you can earn regular income every month. The duration of this scheme is 5 years.
The interest rates of post office schemes are reviewed every quarter. In the third quarter (October-December) of the current financial year, monthly income scheme of Post Office is paying 7.4% annual interest.
Minimum deposit Rs.1000
The minimum deposit in Post Office Monthly Income Scheme is Rs 1,000. It can be invested in multiples of Rs.1000. The maximum deposit limit for an account is Rs 9 lakh. The maximum deposit limit for a joint account is Rs 15 lakh.
Calculation of Post Office MIS 2024
In this scheme, a maximum deposit of Rs 9 lakh is allowed in a single account. This deposit will earn Rs 5,550 per month. A maximum deposit of Rs 15 lakh is allowed in a joint account. It will earn Rs 9,250 per month. The benefits from this scheme are fixed for 5 years.
- Investment: Rs.15 lakhs
- Annual interest rate: 7.4 percent
- Duration: 5 years
- Interest earned: Rs.5,55,000
- Monthly Income: Rs 9,250
Premature Closure Rules
If you need to withdraw money before maturity in Post Office Monthly Income Scheme, you get this facility after one year. In case of premature closure you have to pay penalty.
Tags: make money, Money making tips, Post office, Post Office MIS
First Publication: November 17, 2024, 21:25 IST
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