Post Office MIS Scheme: As the name indicates POMIS is a Monthly Income Scheme offered by the Post Office of India. In this scheme, people can deposit their savings in the form of single and joint accounts. And Post Office credit monthly fixed interest amount in your account.
This Post Office scheme is very useful for almost all service persons and middle-class people who don’t want to take market risk and spend their hard-earned money on basic daily life needs. POMIS monthly interest can be used for daily life needs and our principal amount remains safe for special purposes like daughter marriage, making a home, buying property and assets, etc.
Post Office Monthly Income Scheme 2021
In this POMIS an individual person can invest up to 450000 starting from 1500 rupees. If someone want to invest more then he/she has to open joint account through which maximum 900000 rupees can be invested. Individual has to open a saving account in post office and connect it with MIS scheme so that monthly interest income will be credit to saving account.
This MIS scheme account is valid up to 5 years and if you want to get interest continue then you have to apply again after 5 years. This time your monthly interest may be different as per the RBI and central government guidelines.
Post Office MIS Scheme Details
|Name of Scheme||Post Office Monthly Income Scheme [ POMIS ]|
|Types of Account||Single Account, Joint Account|
|Minimum Deposit||Rs: 1,500|
|Deposit Limit ( Single Account)||Rs: 4,45,000|
|Deposit Limit ( Joint Account)||Rs: 9,00,000|
|Interest Rate (For 2021)||7.3% Annual|
How To Open Post Office MIS Scheme Account
- First of all visit your nearest post office or post office branch.
- Take POMIS application form.
- Fill your POMIS form and attach all documents.
- Provide your post office saving account details and original documents for verification.
- After verification take your original documents.
- Deposit scheme amount in Cash or Check.
- Take receipt of your POMIS account passbook.
- Congrats! you have done.
Now you will start receiving monthly income in your saving account from the post office MIS scheme account. It will be credited monthly to your account without any delay. Just withdrawal money and enjoy the regular scheme earning.
While filling MIS scheme form you may encounter with two problems like account type and necessary documents detail. Let’s see all these separately.
POMIS Account Types
There is a provision of opening account in 3 form like single account, joint account, and minor account. All details of each accounts are given below check carefully.
1. Single Account
Any adult can open single account. It I can deposit maximum for lakh fifty thousand rupees in it. An individual can open multiple single account but the total investment in his account should not be exceed 450000 rupees.
Start account with 1 lakh rupees and next time you want to open one more account then and the deposit limit in your second account will be 350000. If you will deposit 4 lakh 50 thousand rupees in your first account then no further account can be open until 5 years tenure period.
2. Joint Account
Joint account can be opened by 2 adults. Total investment limit of this joint account is 900000 rupees. If you want to deposit more than 450000 amount then you have to open a joint account. You can deposit 450000 amount each or you can adjust your share but the total amount should not be more than 9 lakh.
3. Minor Account
Any children whose age is less than 18 years and more than 10 years can open post office mis account. Maximum deposit limit for a minor account is 300000 rupees.
Post office monthly income scheme required some basic identity and address proof documents. Below is the complete list:
1. Identity proof documents
- Aadhar card
- PAN card
- Voter ID card
- Driving license
- Government ID truth
2. Address proof documents
- Aadhar card
- Residential certificate
3. Passport size photographs.
4. Post office saving bank account
Post Office Monthly Income Scheme Features
Now I am telling you the silent feature of post office monthly income scheme in detail let’s see all:
1. Account Transfer facility
As per the official guidelines issued by the Central Government and the Indian post office, you can transfer your account anywhere in India. Suppose you are a salaried person and work in Delhi. Then you can start this post office monthly income scheme in Delhi. And when you will come to Mumbai you can transfer your account from the Delhi post office to the Mumbai post office without any extra cost.
2. Withdrawal Before Maturity
The tenure period of POMIS is 5 years. But in case of an emergency, you can with all your amount before 5 years. The Indian post office provides this facility to all its customer’s premature withdrawal.
- If you are withdrawing money e after 1 year from the starting date you have to pay a 2% penalty.
- If you are drawing an investment amount after 1 year and within 1 to 3 years then a 1% penalty will be deducted from your principal amount.
- Similarly, if you will withdraw all money after 3 years no penalty will be deducted from your principal amount.
- In all cases, you will receive monthly interest until the date of withdrawal.
3. Fixed Monthly Income
India Post Office agent service regulated by the Central Government of India. So you can trust it without any reason. You will definitely get your monthly interest income in your post office savings bank account. The post office is running for many years and on any condition, it is not going to shut down. In any case, if the government will stop post office service then your amount and monthly interest are completely safe and you will receive it.
4. Auto Transfer System
Your monthly interest income will be credited to your post office savings bank account. No need to fulfill any documents and other required procedures for this credit. You can be double your earning each month or at the end of 5 years it up to you.
5. No Tax On Income
Income from POMIS scheme is completely tax free. You will receive monthly earning and no tax will be credited from it. So, this earning is completely tax free.
Post Office MIS Benefits
Benefit of post office mis scheme are given below:
- Monthly income scheme by the government of India through the post office.
- A reliable source of income for 5 years.
- You will receive a fixed interest rate on your deposit for 5 years because the post office is offering you 5 years of locking time.
Post Office MIS Scheme Interest Rates
Interest rates of the POMIS scheme are decided by the finance ministry and declared by RBI. Last year in 2020 MIS interest rates were 7.6% per annum. But this year in 2021 the interest rate of the post office monthly income scheme is 7.30% annually.
As per the official guidelines, monthly interest from the deposit amount will be credited to the beneficiary savings account each month. Whether he can withdraw it or save it for the whole 5 years.
Post Office MIS Scheme Calculator
Post Office MIS Scheme calculator is used to calculate the annual interest amount from the initial deposit. Suppose someone deposits 1,00,000 rupees in the MIS scheme then he will get 7.30% interest annually.
Monthly Income = [Principal Amount * 7.3] / [ 1200 ]
POMIS Terms & Condition
- Candidate applying for post office monthly income scheme should be Indian citizens.
- Deposit limit is fixed you can’t deposit more than 9 lakh rupees through any type of account.
- Post office saving bank account is compulsory for monthly credit.
- You have to pay 1 to 2% penalty if you will close account before maturity period.