Post Office Monthly Income Scheme
The Post Office Monthly Income Scheme (POMIS) is a Government of India backed small savings scheme that allows the investor (s) to set aside (save) a specific amount every month. Subsequently, interest is added to this investment at the applicable rate and paid out to the depositor(s) on a monthly basis.
Eligibility
Following individuals are eligible to avail the scheme-
- A resident of India. NRIs are not eligible to invest in this scheme
- Individual of or above the age of 10 year
Who should invest?
- Post Office Monthly Income Scheme is suitable for investors who are seeking fixed monthly income but are unwilling to take any risks in their investments. Thereby, it is more favourable for retired individuals or senior citizens who have landed into the no-more-paycheck zone
- It is suitable for the investors seeking a one-time investment to serve the purpose of getting regular income to maintain the lifestyle
- Investors willing to make long-term investments
Maximum Investment Amount in Post Office MIS
Though there is no limit on the number of accounts held by individuals, there are limits on the maximum amount that can be cumulatively invested across all POMIS accounts.
- In case of sole operated account, maximum investment allowed in POMIS is Rs.4.5 lakhs
- In case of joint holders (up to 3 joint holders), maximum of Rs.9 lakhs can be invested in POMIS