If you want to earn regular monthly income or extra income, this post office facility can help you Just for this, you will have to open an account at the post office once under this scheme. In this scheme, a single account give guaranteed income of 2737.5 rupees per month. At the same time, there is a guarantee of security on every single penny you deposit in your account. The special thing is that you can open this account with a minimum of 1500 rupees.
What is this scheme
This is Post Office Monthly Investment Scheme i.e. POMIS, that gives you a chance to earn monthly.
It is a government scheme that, once the money is invested,there is a fixed income every month.
Experts consider this plan to be one of the best investment options, because it has 4 major advantages.
1. Any can open account on this scheme and your deposits always remain intact.
2. You get better returns than bank FD or debt instrument.
3. You earn a fixed income every month.
4. Upon completion of the scheme, you get your entire deposit amount, which you can invest in this scheme again and maintain a monthly income.
How much you can invest
If your account is single, then you can deposit up to a maximum of Rs 4.5 lakh.
Minimum limit of deposit is 1500 rupees, in Single accouunt.
If your account is Joint, then you can deposit up to a maximum of Rs 9 lakh.
Maturity Period is 5 years. After five years, you can reinvest your capital again in the scheme.
How much will be return
1.Under the POMIS investment scheme, 7.3 percent interest is received annually.
2.This annual interest is divided into 12 months, which keeps you on monthly basis.
3.If you have deposited Rs 4.5 lakh in Single Account, then your annual interest will be around Rs. 32,850.
In this sense, you will earn approximately Rs 2737.5 per month.
4. If you have deposited Rs 9 lakh in Join Account, then your annual interest will be around Rs. 65,700.
In this sense, you will earn approximately Rs 5500 per month.
If you do not withdraw monthly interest money
If you do not withdraw monthly money, then it will remain in your Post Office Savings Account and with the principal
you will get further interest by adding this money.
Withdraw money before maturity
If you need to withdraw all the money before maturity, then this facility is available on the completion of one year of the account.
If you have an old account of 1 year to 3 years from the date of opening the account, you get 2% out of the amount deposited and you get the rest.
If you have more than 3 years old account, you deduct 1 percent of the amount in the deposit and you get the rest.
Who can open account
Post Office Monthly Investment Scheme Anyone can open, whether it is Adult or Minor.You can also open an account with your child’s name. If the child is less than 10 years old then the account can be opened on the name of his parent or legal guardian in his name. If the child is 10 years old, he himself can also get the right to operate the account.
How to open account in Post Office
You can open an account by going to any post office according to your convenience. For this, you will have to submit a photo copy of Aadhar Card,
Voter ID, PAN Card, Ration Card, Driving License. Apart from this, address proof must be submitted in which your identity card can also be used.
In addition, you will have to submit 2 passport size photographs.
No tax exemption
There is no benefit of any tax rebate on the amount deposited in it and interest you get from it. Although the post office does not cut any kind of TDS on your earnings, it is included in your taxable income on the annual total of the interest you get monthly.