The post office has a wide variety of depository schemes offering fixed returns on investment. The schemes are government-backed, making them safer investment choices as compared to shares or other options.
डाकघर मासिक आय योजना (POMIS) is one such investment scheme that lets you earn high interest monthly by investing a certain amount. The scheme is validated and recognised by the Ministry of Finance. Here, we will know about different aspects of POMIS.
Features of Post Office Monthly Income Scheme
Some of the significant features of the scheme are as follows:
- Low-Risk Investment
Under POMIS, the amount invested is not subjected to market risks as it is a fixed monthly income scheme.
- Joint Account Ownership
The scheme allows you to open a joint account with two or three people with equal contributions. The maximum amount you can invest in a joint account will be a sum total of Rs.15 lakhs.
- Multiple Account Ownership
This scheme allows you to open more than one account in your name. However, you cannot save more than the total deposit of Rs.9 lakhs.
- Lock-In Period
The lock-in period of the account is five years. You can withdraw early by giving a penalty of up to 2% of the deposited amount.
- Maximum Limit
Under this scheme, you can make a maximum investment of Rs.9 lakhs. However, if it is a minor account, you can invest a maximum of Rs.3 lakhs.
- Reinvestment
The scheme permits you to reinvest the maturity amount for another five years. It will help you to earn more interest on your deposit in the long run.
Interest Rates of Post Office Monthly Income Scheme
The interest rate of POMIS is revised by the Finance Ministry every quarter. It depends on the cumulative government bond returns generated during the same period.
The following table includes the previous and current interest rates of this scheme to give you a fair idea about how it changes over time:
| Period | ब्याज दर |
| 1st April 2023 – 30th June 2023 | 7.40% |
| 1st January 2023 – 31st March 2023 | 7.10% |
| 1st October 2022 – 31st December 2022 | 6.70% |
| 1st July 2022 – 30th September 2022 | 6.60% |
| 1st April 2022 – 30th June 2022 | 6.60% |
Calculation of Post Office Monthly Income Scheme
Calculating the monthly interest earned from POMIS is simple. You can use the following formula to calculate the interest income:
POMIS Monthly Interest = Amount invested in the scheme x Annual interest rate / 12
For instance, you have invested Rs.4,00,000 in POMIS for five years at 7.40% per annum. Using the above formula, you will get:
POMIS = 4,00,000 x 7.40% / 12 = Rs.2,467
Thereby, you will get a monthly interest of Rs.2,467. The total amount you will earn for five years will be Rs.1,48,000.
However, you can eliminate human errors by using an online POMIS calculator to calculate the monthly interest earned in no time.
Eligibility of Post Office Monthly Income Scheme
To open a POMIS account, you need to meet the following criteria:
- You can open an account only if you are an Indian citizen.
- A POMIS account can be opened for a minor if his/her age is 10 years or more. However, minors can avail the funds after reaching the age of 18.
- Non-Resident Indians cannot avail this scheme.
In this regard, once the minor reaches the age of 18, they must apply for conversion of the account in their name.
Documents Required for Post Office Monthly Income Scheme
You need to submit the following documents when opening a POMIS account:
- निवास प्रमाण पत्र: Recent utility bills or government-issued identity cards
- पहचान प्रमाण: Passport/ Voter ID Card/ Aadhaar Card/ Driving License or any other government-issued identity card.
- Photographs: Two recent passport-size photographs.
Comparison of Post Office Monthly Income Scheme with Other Saving Schemes
Following is the comparison of POMIS with other saving schemes:
| Savings Scheme | ब्याज दर | Tax Deducted at Source (TDS) |
| डाकघर मासिक आय योजना | 7.40% | No TDS deduction |
| Post Office Time Deposit (1,2,3 year) | 6.8% to 7% | No TDS deduction |
| Post Office Time Deposit (5 years) | 7.5% | TDS deduction is applicable |
| Public Provident Fund | 7.10% | TDS deduction is applicable |
| Post Office Recurring Deposit | 6.2% | No TDS deduction |
| National Savings Certificate | 7.7% | TDS deduction is applicable |
| Senior Citizen Saving Scheme | 8.2% | TDS deduction is applicable |
The डाकघर मासिक आय योजना is a secure investment option that offers considerably higher returns with a short lock-in period of 5 years. Overall, it guarantees you a fixed monthly income with limited tax liability.
FAQs on Post Office Monthly Income Scheme
1. Can I withdraw the POMIS amount prematurely?
Yes, you can withdraw the POMIS amount post one year of investment. However, if you withdraw the amount before three years, you will be penalised 2% of the deposit and 1% after three years. If you withdraw the amount after the maturity period of five years, you will not have to pay any penalty.
2. What is the minimum amount required for opening a POMIS account?
To open a Post Office Monthly Income Scheme account, you need to make a minimum investment of Rs.1000. You can make subsequent deposits in multiples of 1000 into the account.
3. What happens when I do not withdraw the funds after five years?
If you do not withdraw the amount after the maturity of five years, you will get a simple interest for up to two years. The rate will be applicable as per the interest rate of the post office savings account.
