Post Office Monthly Income Scheme (POMIS) Unique scheme which offers guaranteed fixed monthly income on the lump sum investment made by the investor Any resident individual can open the MIS account in a single or joint holding pattern. A minor can also invest in this scheme. If the minor is of more than 10 years, then he can even operate the account
The minimum limit for investment is Rs. 1500 and the maximum investment limit is Rs. 4.5 lakhs in a single holding account and Rs. 9 lakhs for joint accounts under the Monthly Income Scheme of Post Office
Currently, the MIS interest rate in the post office is 6.6% per annum payable monthly with a maturity period of 5 years. For example, Mr. Suresh invests Rs. 2,00,000 in Post Office Monthly Income Scheme. He will receive Rs. 1068 every month as interest for 5 years. He will receive back the deposit on completion of the tenure. The amount so received monthly can also be further invested in post office recurring deposits.
Investors can hold multiple accounts with a maximum investment of Rs. 4.5 lakh by combining balances in all the accounts. Joint accounts will have equal shares from all holders. If we continue with the above example, Mr. Suresh would be able to open a joint account with his wife for a maximum amount of Rs. 2.5 lakh
The scheme also offers liquidity by allowing investors to withdraw the deposit after 1 year. However, there will be a penalty of 2% on deposit if withdrawn between 1 year-3 years and 1% penalty on withdrawals after 3 years
Accounts are transferable from one post office to another across the country
There is no major tax benefit in this scheme. Interest received on a monthly basis is a part of the taxable income. There is no TDS on the interest< payout and deposits are exempt from wealth tax. This Scheme is a preferable choice for risk-averse investors looking for regular monthly income.
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