Let us tell you that the monthly income scheme offered by the post office is very beneficial for you. You can invest in this scheme by visiting your nearest post office. This scheme is a small savings scheme supported by the Government of India. So let us tell you what is the eligibility to invest in this scheme and for whom it is…
Post Office Scheme: You can earn a fixed interest every month by investing a fixed amount in the Post Office Monthly Income Scheme offered by the Post Office. You can invest in this scheme by visiting any nearest post office.
What is this scheme?
Post Office Monthly Income Scheme (POMIS) is a small savings scheme supported by the Government of India that allows investors to set aside a fixed amount of money every month. Interest is added on this amount and is paid to investors every month. Let us know what is the eligibility of this scheme, the interest rate and what are the benefits.
What is the eligibility?
If you want to invest in this scheme then it is mandatory for you to be a resident of India. If you are an NRI then you cannot invest in this scheme. To invest in this scheme, you must be above 10 years of age.
How much can you invest?
-In this scheme, you can invest a minimum of Rs 1000 and a maximum of Rs 9 lakh if you are a single account holder.
-If you open a joint account (maximum 3 members), then you can invest minimum Rs 1000 and maximum Rs 15 lakh.
What is the interest rate?
The government gives you 7.4 percent interest annually on the Monthly Income Scheme from October 1 to December 31, 2023.
What are the terms and conditions?
- This post office account matures after 5 years.
- You cannot withdraw any deposit amount before the expiry of 1 year from the date of deposit.
- If the account is closed after 1 year and before 3 years from the date of account opening, an amount equal to 2 percent is deducted from the principal amount and the remaining amount is paid.
- If the account is closed after 3 years and before 5 years from the date of account opening, an amount equal to 1 percent is deducted from the principal amount and the remaining amount is paid.
- If you want to close the account then you can get the account closed prematurely by submitting the application form along with the passbook in the concerned post office.
- Apart from this, the account can be closed after the expiry of 5 years from the date of account opening by submitting the application form along with the passbook in the concerned post office.
- If the account holder dies before maturity, the account can be closed and the amount returned to the nominee/legal heirs.
