{"id":9076,"date":"2024-05-21T07:48:32","date_gmt":"2024-05-21T07:48:32","guid":{"rendered":"https:\/\/www.tankhapay.com\/blog\/?p=9076"},"modified":"2024-08-29T08:22:18","modified_gmt":"2024-08-29T08:22:18","slug":"pomis","status":"publish","type":"post","link":"https:\/\/www.tankhapay.com\/blog\/pomis\/","title":{"rendered":"Post Office Monthly Income Scheme (POMIS) &#8211; Interest Rate 2024"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_78 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#What_is_the_Post_Office_Monthly_Income_Scheme_POMIS\" >What is the Post Office Monthly Income Scheme (POMIS)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#Latest_Update_about_POMIS\" >Latest Update about POMIS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#Features_of_Post_Office_Monthly_Income_Scheme_POMIS\" >Features of Post Office Monthly Income Scheme (POMIS)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#Benefits_of_Post_Office_Monthly_Income_Scheme_POMIS\" >Benefits of Post Office Monthly Income Scheme (POMIS)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#POMIS_Interest_Rate_Over_the_Past_5_Years\" >POMIS Interest Rate Over the Past 5 Years<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#How_to_Open_a_Post_Office_Monthly_Income_Scheme_POMIS_Account\" >How to Open a Post Office Monthly Income Scheme (POMIS) Account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#Eligibility_Criteria_for_Opening_a_Post_Office_Monthly_Income_Scheme_POMIS_Account\" >Eligibility Criteria for Opening a Post Office Monthly Income Scheme (POMIS) Account<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#Maximum_Deposit_Amount_Allowed\" >Maximum Deposit Amount Allowed<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#Early_Withdrawal_Consequences\" >Early Withdrawal Consequences<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#Comparison_of_POMIS_with_Other_Monthly_Income_Plans\" >Comparison of POMIS with Other Monthly Income Plans<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#Ideal_Candidates_for_POMIS_Investment\" >Ideal Candidates for POMIS Investment<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#FAQs_on_Post_Office_Monthly_Income_Scheme\" >FAQs on Post Office Monthly Income Scheme<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#Is_POMIS_a_good_investment\" >Is POMIS a good investment?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#What_is_the_current_interest_rate_of_POMIS\" >What is the current interest rate of POMIS?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#Who_is_eligible_for_a_POMIS_account\" >Who is eligible for a POMIS account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#Is_the_interest_earned_in_Post_Office_MIS_tax-free\" >Is the interest earned in Post Office MIS tax-free?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#How_is_the_individual_account_holders_share_calculated_in_the_case_of_a_joint_account\" >How is the individual account holder\u2019s share calculated in the case of a joint account?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#What_if_I_dont_want_to_withdraw_the_deposit_amount_upon_the_account_maturity\" >What if I don\u2019t want to withdraw the deposit amount upon the account maturity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#Is_this_scheme_suitable_for_senior_citizens\" >Is this scheme suitable for senior citizens?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-20\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#What_happens_to_my_account_if_I_have_to_move_from_one_city_to_another_due_to_work\" >What happens to my account if I have to move from one city to another due to work?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-21\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#What_is_the_POMIS_investment_limit_in_2023\" >What is the POMIS investment limit in 2023?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-22\" href=\"https:\/\/www.tankhapay.com\/blog\/pomis\/#Can_the_nominee_withdraw_the_amount_in_the_case_of_the_death_of_the_investor_before_maturity\" >Can the nominee withdraw the amount in the case of the death of the investor before maturity?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>The Post Office&#8217;s depository service provides diverse schemes, all backed by the sovereign guarantee, ensuring a government-backed investment avenue. These schemes offer fixed returns, making them safer investment options than equity shares and various fixed-income alternatives.\u00a0Now, let&#8217;s take a deeper dive into the specifics of one such scheme, the Post Office Monthly Income Scheme (POMIS), and understand its features, benefits, and eligibility criteria.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_the_Post_Office_Monthly_Income_Scheme_POMIS\"><\/span>What is the Post Office Monthly Income Scheme (POMIS)?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Post Office, operating under the purview of the Finance Ministry, presents a range of banking products and services, and among them stands the highly reliable Post Office Monthly Income Scheme (POMIS). This low-risk Monthly Income Scheme (MIS) is designed to generate a steady income for investors, prioritising capital protection.<\/p>\n<p>Investors have the flexibility to invest up to Rs. 9 lakh individually or Rs. 15 lakh jointly, with a fixed investment period of 5 years. The primary objective of POMIS is to safeguard the capital while offering a competitive interest rate. As of April-June 2023, the interest rate is set at 7.40% per annum, payable monthly.<\/p>\n<p>For instance, consider Mr. Sharma, who has invested Rs. 9 lakh in the Post Office Monthly Investment Scheme for a 5-year duration. With the current interest rate of 7.40% p.a., Mr Sharma can expect a monthly interest of Rs. 5,550. Post-maturity, he has the option to withdraw his deposit of Rs. 9 lakh along with the accumulated interest either from any post office or through Electronic Clearance Service (ECS) to his savings account. Additionally, Mr Sharma can renew the account for continued benefits.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Latest_Update_about_POMIS\"><\/span>Latest Update about POMIS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"resume-outer-box\">The monthly savings scheme&#8217;s maximum deposit limit has been increased, offering even more opportunities for savers. Now, individuals can deposit up to Rs. 9 lakh in a single account, doubling from the previous limit of Rs. 4.5 lakh. The limit has been elevated for joint accounts from Rs. 9 lakh to a generous Rs. 15 lakh.The Post Office remains a reliable and familiar destination for financial transactions and savings, especially for our esteemed elder generation. With branches spread across the country, the Post Office offers a variety of trusted savings schemes.<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Features_of_Post_Office_Monthly_Income_Scheme_POMIS\"><\/span>Features of Post Office Monthly Income Scheme (POMIS)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>POMIS offers a comprehensive set of features and benefits, making it a versatile and secure investment option for individuals seeking a steady income with capital protection.<\/p>\n<ul>\n<li><b>Capital Protection: <\/b>POMIS assures capital protection as it is a government-backed scheme, ensuring the safety of your investment until maturity.<\/li>\n<li><b>Tenure<\/b>: The lock-in period for POMIS is 5 years, providing the flexibility to withdraw the invested amount upon maturity or reinvest for continued benefits.<\/li>\n<li><b>Low-Risk Investment<\/b>: Being a fixed-income scheme, POMIS eliminates exposure to market risks, offering a secure investment avenue.<\/li>\n<li><b>Affordable Deposit Amount<\/b>: A nominal initial investment of Rs. 1,000 is all it takes to start investing, and you can invest in multiples of this amount based on your affordability.<\/li>\n<li><b>Guaranteed Returns<\/b>: Earn monthly income in the form of interest, providing guaranteed returns. While not inflation-beating, the returns are competitive compared to other fixed-income options like Fixed Deposits (FDs).<\/li>\n<li><b>Tax-Efficiency<\/b>: POMIS is not covered under Section 80C, and TDS is not applicable, enhancing tax efficiency for investors.<\/li>\n<li><b>Payout Timing<\/b>: Receive the payout one month from making the first investment, offering a convenient payout schedule.<\/li>\n<li><b>Multiple Account Ownership<\/b>: Open more than one account, but the total deposit amount across all accounts should not exceed Rs. 9 lakhs.<\/li>\n<li><b>Joint Account<\/b>: Joint accounts with 2 or 3 individuals are allowed, enabling an aggregate investment of up to Rs. 15 lakhs in the account.<\/li>\n<li><b>Fund Movement<\/b>: Investors can move funds to a recurring deposit (RD) account, providing additional flexibility.<\/li>\n<li><b>Nominee Facility<\/b>: Nominate a beneficiary (family member) for claiming benefits and corpus in case of the investor&#8217;s demise during the account\u2019s term.<\/li>\n<li><b>Ease of Transactions<\/b>: Collect monthly interest directly from the post office, transfer it automatically to your savings account, or reinvest the interest in a Systematic Investment Plan (SIP).<\/li>\n<li><b>Reinvestment Option<\/b>: Post maturity, reinvest the corpus in the same scheme for another 5-year block, ensuring continued earnings and benefits.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Benefits_of_Post_Office_Monthly_Income_Scheme_POMIS\"><\/span>Benefits of Post Office Monthly Income Scheme (POMIS)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investing in the Post Office Monthly Income Scheme (POMIS) offers significant advantages, particularly appealing to investors with a low-risk appetite due to its non-market-linked nature and government guarantee. The key benefits include:<\/p>\n<ul>\n<li><b>Steady Monthly Income<\/b>: POMIS provides a reliable and steady flow of income every month on your investment corpus. This income is not affected by market fluctuations, offering a secure source of monthly earnings.<\/li>\n<li><b>Fixed Interest Rate<\/b>: The post office fixes an attractive interest rate of 7.40% per annum, providing investors with a predictable and assured return on their investment.<\/li>\n<li><b>Option for Further Investment<\/b>: Investors have the flexibility to decide whether to reinvest the interest earned into high-profit yielding securities like equity shares or equity funds. However, it&#8217;s important to note that these alternatives come with higher risks.<\/li>\n<li><b>Consideration of Hybrid Funds<\/b>: For those willing to explore a balanced approach, hybrid funds that combine both equity and fixed-income instruments can be considered. This allows investors to engage in the stock market, build a diversified portfolio, earn relatively higher returns, and maintain lower risk compared to direct investments in equity shares and funds.<\/li>\n<\/ul>\n<p><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.tankhapay.com\/blog\/wp-content\/uploads\/2024\/05\/Benefits-of-Post-Office-Monthly-Income-Scheme.jpg\" alt=\"Benefits of Post Office Monthly Income Scheme\" width=\"1080\" height=\"1080\" class=\"alignnone size-full wp-image-9945\" srcset=\"https:\/\/www.tankhapay.com\/blog\/wp-content\/uploads\/2024\/05\/Benefits-of-Post-Office-Monthly-Income-Scheme.jpg 1080w, https:\/\/www.tankhapay.com\/blog\/wp-content\/uploads\/2024\/05\/Benefits-of-Post-Office-Monthly-Income-Scheme-300x300.jpg 300w, https:\/\/www.tankhapay.com\/blog\/wp-content\/uploads\/2024\/05\/Benefits-of-Post-Office-Monthly-Income-Scheme-1024x1024.jpg 1024w, https:\/\/www.tankhapay.com\/blog\/wp-content\/uploads\/2024\/05\/Benefits-of-Post-Office-Monthly-Income-Scheme-150x150.jpg 150w, https:\/\/www.tankhapay.com\/blog\/wp-content\/uploads\/2024\/05\/Benefits-of-Post-Office-Monthly-Income-Scheme-768x768.jpg 768w, https:\/\/www.tankhapay.com\/blog\/wp-content\/uploads\/2024\/05\/Benefits-of-Post-Office-Monthly-Income-Scheme-100x100.jpg 100w, https:\/\/www.tankhapay.com\/blog\/wp-content\/uploads\/2024\/05\/Benefits-of-Post-Office-Monthly-Income-Scheme-250x250.jpg 250w\" sizes=\"(max-width: 1080px) 100vw, 1080px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"POMIS_Interest_Rate_Over_the_Past_5_Years\"><\/span>POMIS Interest Rate Over the Past 5 Years<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This table presents the POMIS interest rates for each time interval over the past 5 years, showcasing the variations in the interest rates during different periods.<\/p>\n<table class=\"table-class\">\n<tbody>\n<tr>\n<th><b>Time Interval<\/b><\/th>\n<th><b>POMIS Interest Rate (Per Annum)<\/b><\/th>\n<\/tr>\n<tr>\n<td>1st October 2023 &#8211; 31st December 2023<\/td>\n<td>7.40%<\/td>\n<\/tr>\n<tr>\n<td>1st April 2023 &#8211; 30th June 2023<\/td>\n<td>7.40%<\/td>\n<\/tr>\n<tr>\n<td>1st January 2023 &#8211; 31st March 2023<\/td>\n<td>7.10%<\/td>\n<\/tr>\n<tr>\n<td>1st October 2022 &#8211; 31st December 2022<\/td>\n<td>7.10%<\/td>\n<\/tr>\n<tr>\n<td>1st April 2020 \u2013 30th September 2020<\/td>\n<td>6.60%<\/td>\n<\/tr>\n<tr>\n<td>1st January 2020 \u2013 31st March 2020<\/td>\n<td>7.60%<\/td>\n<\/tr>\n<tr>\n<td>1st October 2019 \u2013 31st December 2019<\/td>\n<td>7.60%<\/td>\n<\/tr>\n<tr>\n<td>1st July 2019 \u2013 30th September 2019<\/td>\n<td>7.60%<\/td>\n<\/tr>\n<tr>\n<td>1st January 2019 \u2013 31st March 2019<\/td>\n<td>7.70%<\/td>\n<\/tr>\n<tr>\n<td>1st October 2018 \u2013 31st December 2018<\/td>\n<td>7.70%<\/td>\n<\/tr>\n<tr>\n<td>1st January 2018 \u2013 30th September 2018<\/td>\n<td>7.30%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Open_a_Post_Office_Monthly_Income_Scheme_POMIS_Account\"><\/span>How to Open a Post Office Monthly Income Scheme (POMIS) Account<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Opening a POMIS account is a straightforward process, ensuring a hassle-free experience. Follow these steps to initiate the account opening procedure:<\/p>\n<ul>\n<li>Ensure you have a Post Office Savings Account. If not, open one at your nearest post office.<\/li>\n<li>Obtain a POMIS Account opening form from your nearest post office.<\/li>\n<li>Fill out the form and submit it along with the following documents:\n<ul>\n<li>Photocopy of ID proof<\/li>\n<li>Photocopy of address proof<\/li>\n<li>2 passport-sized photographs<\/li>\n<\/ul>\n<\/li>\n<li>Submit the original documents mentioned above for verification purposes.<\/li>\n<li>Collect signatures of witnesses or beneficiaries as required.<\/li>\n<li>Invest the capital amount through a dated cheque. The date mentioned on the cheque will be considered the account opening date.<\/li>\n<li>The interest earned on the investment will be disbursed one month from the account opening date.<\/li>\n<li>Nominate a beneficiary after successfully opening the Post Office Monthly Income Scheme account.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Eligibility_Criteria_for_Opening_a_Post_Office_Monthly_Income_Scheme_POMIS_Account\"><\/span>Eligibility Criteria for Opening a Post Office Monthly Income Scheme (POMIS) Account<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>To open a POMIS account, individuals must meet certain eligibility criteria, as outlined below:<\/p>\n<ul>\n<li><b>Resident Indian<\/b>: Only resident Indians are eligible to open a POMIS account. Non-resident Indians (NRIs) cannot avail the benefits of this scheme.<\/li>\n<li><b>Age Criteria<\/b>: Any adult individual can open a POMIS account.<\/li>\n<li><b>Account on Behalf of a Minor<\/b>: An account can be opened on behalf of a minor who is aged 10 years and above. The funds in the account can be availed by the minor when they reach 18 years of age.<\/li>\n<li><b>Conversion for Minors After Attaining Majority<\/b>: In the case of a minor, upon attaining majority (turning 18), they must apply for the conversion of the account in their name.<\/li>\n<\/ul>\n<h3><span class=\"ez-toc-section\" id=\"Maximum_Deposit_Amount_Allowed\"><\/span><b>Maximum Deposit Amount Allowed<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li>Single Account: Rs. 9 lakhs<\/li>\n<li>Joint Account (2 or 3 adults): Rs. 15 lakhs<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Early_Withdrawal_Consequences\"><\/span>Early Withdrawal Consequences<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This table summarises the consequences of early withdrawal from the Post Office Monthly Income Scheme (POMIS) at different time intervals, outlining the corresponding outcomes and penalties associated with each withdrawal period.<\/p>\n<table class=\"table-class\">\n<tbody>\n<tr>\n<th><b>Time of POMIS Withdrawal<\/b><\/th>\n<th><b>Outcomes of Premature Withdrawal<\/b><\/th>\n<\/tr>\n<tr>\n<td>Before completing one year<\/td>\n<td>Zero benefits<\/td>\n<\/tr>\n<tr>\n<td>Between 1st and 3rd year<\/td>\n<td>The entire deposit refunded after deducting a 2% penalty<\/td>\n<\/tr>\n<tr>\n<td>Between 3rd and 5th year<\/td>\n<td>The entire corpus refunded with a 1% penalty<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Comparison_of_POMIS_with_Other_Monthly_Income_Plans\"><\/span>Comparison of POMIS with Other Monthly Income Plans<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>This table provides a comprehensive comparison of Post Office Monthly Income Scheme (POMIS) with Monthly Income Mutual Funds and Monthly Income Insurance, outlining the key features, risk profiles, tax implications, and withdrawal conditions of each investment option.<\/p>\n<table class=\"table-class\">\n<tbody>\n<tr>\n<th><b>Features<\/b><\/th>\n<th><b>POMIS<\/b><\/th>\n<th><b>Monthly Income Mutual Fund<\/b><\/th>\n<th><b>Monthly Income Insurance<\/b><\/th>\n<\/tr>\n<tr>\n<td>Assured Income<\/td>\n<td>Annual rate of 7.40%<\/td>\n<td>No guaranteed income<\/td>\n<td>Monthly annuities (rates vary)<\/td>\n<\/tr>\n<tr>\n<td>Tax Deduction at Source (TDS)<\/td>\n<td>Not applicable<\/td>\n<td>TDS applied<\/td>\n<td>Annuity is taxed<\/td>\n<\/tr>\n<tr>\n<td>Return Structure<\/td>\n<td>Fixed return rate<\/td>\n<td>Floating rate based on market movement<\/td>\n<td>NA<\/td>\n<\/tr>\n<tr>\n<td>Risk Profile<\/td>\n<td>Low-risk, suitable for the risk-averse<\/td>\n<td>Suitable for those with high-risk appetite<\/td>\n<td>Double benefits of investment &amp; insurance<\/td>\n<\/tr>\n<tr>\n<td>Withdrawal Conditions<\/td>\n<td>Permitted after 12 months with penalty<\/td>\n<td>Exit load applicable if withdrawn early<\/td>\n<td>Higher surrender charges for long-term investment<\/td>\n<\/tr>\n<tr>\n<td>Investment Limit<\/td>\n<td>Rs. 9 lakhs per account, Rs. 15 lakhs for a shared account<\/td>\n<td>No investment limit<\/td>\n<td>No investment limit<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Ideal_Candidates_for_POMIS_Investment\"><\/span>Ideal Candidates for POMIS Investment<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>POMIS is an optimal choice for individuals with specific financial preferences and risk tolerances. If you align with the following criteria, POMIS could be a suitable investment avenue for you:<\/p>\n<ul>\n<li><b>Risk-Averse Investors<\/b>: POMIS is designed for those who prioritize capital protection and seek a low-risk investment. If you are risk-averse and prefer a secure investment option, POMIS offers stability with guaranteed returns.<\/li>\n<li><b>Preference for Reliability<\/b>: Investors who value reliability and steady income streams find POMIS appealing. The fixed interest rate and assurance of monthly income make it an attractive option for those seeking predictability in their investments.<\/li>\n<li><b>Limited Tax Benefit Consideration<\/b>: While POMIS may have limited tax benefits compared to some other investment options, individuals who prioritize stability over extensive tax advantages may find POMIS to be a suitable choice.<\/li>\n<li><b>Flexible Investment Approach<\/b>: POMIS allows flexibility in terms of investment amounts and provides the option to reinvest interest. If you appreciate this flexibility along with the assurance of a fixed return, POMIS aligns with your investment preferences.<\/li>\n<li><b>Long-Term Investment Horizon<\/b>: Investors with a long-term perspective and a goal of consistent, long-lasting returns may find POMIS to be an appropriate choice.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_on_Post_Office_Monthly_Income_Scheme\"><\/span>FAQs on Post Office Monthly Income Scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<style>#sp-ea-9084 .spcollapsing { height: 0; overflow: hidden; transition-property: height;transition-duration: 300ms;}#sp-ea-9084.sp-easy-accordion>.sp-ea-single {margin-bottom: 10px; border: 1px solid #e2e2e2; }#sp-ea-9084.sp-easy-accordion>.sp-ea-single>.ea-header a {color: #444;}#sp-ea-9084.sp-easy-accordion>.sp-ea-single>.sp-collapse>.ea-body {background: #fff; color: #444;}#sp-ea-9084.sp-easy-accordion>.sp-ea-single {background: #eee;}#sp-ea-9084.sp-easy-accordion>.sp-ea-single>.ea-header a .ea-expand-icon { float: left; color: #444;font-size: 16px;}<\/style><div id=\"sp_easy_accordion-1716275084\"><div id=\"sp-ea-9084\" class=\"sp-ea-one sp-easy-accordion\" data-ea-active=\"ea-click\" data-ea-mode=\"vertical\" data-preloader=\"\" data-scroll-active-item=\"\" data-offset-to-scroll=\"0\"><div class=\"ea-card ea-expand sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"Is_POMIS_a_good_investment\"><\/span><a class=\"collapsed\" id=\"ea-header-90840\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90840\" aria-controls=\"collapse90840\" href=\"#\" aria-expanded=\"true\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-minus\"><\/i> Is POMIS a good investment?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse collapsed show\" id=\"collapse90840\" data-parent=\"#sp-ea-9084\" role=\"region\" aria-labelledby=\"ea-header-90840\"> <div class=\"ea-body\"><p>Yes, POMIS is considered a reliable investment offered by the Post Office under the Finance Ministry. It is a low-risk Monthly Income Scheme (MIS) that provides a steady income. Individuals can invest up to Rs. 9 lakh individually or Rs. 15 lakh jointly, and the investment period is 5 years.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_is_the_current_interest_rate_of_POMIS\"><\/span><a class=\"collapsed\" id=\"ea-header-90841\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90841\" aria-controls=\"collapse90841\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What is the current interest rate of POMIS?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse90841\" data-parent=\"#sp-ea-9084\" role=\"region\" aria-labelledby=\"ea-header-90841\"> <div class=\"ea-body\"><p>The current interest rate for POMIS is 7.4% per annum. The interest is payable monthly, and the maturity period is 5 years. For example, if an individual like Mr. Suresh invests Rs. 2,00,000, he would receive Rs. 1233 every month as interest for the entire 5-year period.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"Who_is_eligible_for_a_POMIS_account\"><\/span><a class=\"collapsed\" id=\"ea-header-90842\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90842\" aria-controls=\"collapse90842\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Who is eligible for a POMIS account?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse90842\" data-parent=\"#sp-ea-9084\" role=\"region\" aria-labelledby=\"ea-header-90842\"> <div class=\"ea-body\"><p>A POMIS account can be opened by a resident Indian who is above the age of 18. This scheme does not apply to non-resident Indians. Additionally, an account can be opened on behalf of a minor who is 10 years old or older.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"Is_the_interest_earned_in_Post_Office_MIS_tax-free\"><\/span><a class=\"collapsed\" id=\"ea-header-90843\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90843\" aria-controls=\"collapse90843\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Is the interest earned in Post Office MIS tax-free?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse90843\" data-parent=\"#sp-ea-9084\" role=\"region\" aria-labelledby=\"ea-header-90843\"> <div class=\"ea-body\"><p>No, the amount invested in POMIS is not tax-deductible, and the interest earned on the investment is taxable. In other words, POMIS does not offer any tax benefits, and the interest income is subject to taxation.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"How_is_the_individual_account_holders_share_calculated_in_the_case_of_a_joint_account\"><\/span><a class=\"collapsed\" id=\"ea-header-90844\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90844\" aria-controls=\"collapse90844\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> How is the individual account holder\u2019s share calculated in the case of a joint account?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse90844\" data-parent=\"#sp-ea-9084\" role=\"region\" aria-labelledby=\"ea-header-90844\"> <div class=\"ea-body\"><p>Each joint account holder is entitled to an equal share in the joint account.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_if_I_dont_want_to_withdraw_the_deposit_amount_upon_the_account_maturity\"><\/span><a class=\"collapsed\" id=\"ea-header-90845\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90845\" aria-controls=\"collapse90845\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What if I don\u2019t want to withdraw the deposit amount upon the account maturity?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse90845\" data-parent=\"#sp-ea-9084\" role=\"region\" aria-labelledby=\"ea-header-90845\"> <div class=\"ea-body\"><p>If you choose not to withdraw the deposit amount upon maturity, the money will stay in the account and earn simple interest as per the Post Office Savings Account for a period of two years from the account maturity.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"Is_this_scheme_suitable_for_senior_citizens\"><\/span><a class=\"collapsed\" id=\"ea-header-90846\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90846\" aria-controls=\"collapse90846\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Is this scheme suitable for senior citizens?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse90846\" data-parent=\"#sp-ea-9084\" role=\"region\" aria-labelledby=\"ea-header-90846\"> <div class=\"ea-body\"><p>Yes, POMIS is a favorable scheme for senior citizens as it allows them to deposit their life savings and earn interest to meet their monthly expenses.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_happens_to_my_account_if_I_have_to_move_from_one_city_to_another_due_to_work\"><\/span><a class=\"collapsed\" id=\"ea-header-90847\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90847\" aria-controls=\"collapse90847\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What happens to my account if I have to move from one city to another due to work?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse90847\" data-parent=\"#sp-ea-9084\" role=\"region\" aria-labelledby=\"ea-header-90847\"> <div class=\"ea-body\"><p>In the event of relocating from one city to another, you can easily transfer your POMIS account to the Post Office in the current city at no extra cost.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"What_is_the_POMIS_investment_limit_in_2023\"><\/span><a class=\"collapsed\" id=\"ea-header-90848\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90848\" aria-controls=\"collapse90848\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> What is the POMIS investment limit in 2023?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse90848\" data-parent=\"#sp-ea-9084\" role=\"region\" aria-labelledby=\"ea-header-90848\"> <div class=\"ea-body\"><p>The maximum deposit limit under POMIS is 9 lakhs for an individual account and 15 lakhs for a joint account.<\/p><\/div><\/div><\/div><div class=\"ea-card sp-ea-single\"><h3 class=\"ea-header\"><span class=\"ez-toc-section\" id=\"Can_the_nominee_withdraw_the_amount_in_the_case_of_the_death_of_the_investor_before_maturity\"><\/span><a class=\"collapsed\" id=\"ea-header-90849\" role=\"button\" data-sptoggle=\"spcollapse\" data-sptarget=\"#collapse90849\" aria-controls=\"collapse90849\" href=\"#\" aria-expanded=\"false\" tabindex=\"0\"><i aria-hidden=\"true\" role=\"presentation\" class=\"ea-expand-icon eap-icon-ea-expand-plus\"><\/i> Can the nominee withdraw the amount in the case of the death of the investor before maturity?<\/a><span class=\"ez-toc-section-end\"><\/span><\/h3><div class=\"sp-collapse spcollapse \" id=\"collapse90849\" data-parent=\"#sp-ea-9084\" role=\"region\" aria-labelledby=\"ea-header-90849\"> <div class=\"ea-body\"><p>Yes, nominees can apply for death claim settlement immediately upon the death of the POMIS investor, even if the lock-in period of 5 years is not complete. They can receive a refund of the investment amount and interest accumulated till death.<\/p><\/div><\/div><\/div><script type=\"application\/ld+json\">{ \"@context\": \"https:\/\/schema.org\", \"@type\": \"FAQPage\", \"@id\": \"sp-ea-schema-9084-69f8d558a8ad0\", \"mainEntity\": [{ \"@type\": \"Question\", \"name\": \"Is POMIS a good investment?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"Yes, POMIS is considered a reliable investment offered by the Post Office under the Finance Ministry. It is a low-risk Monthly Income Scheme (MIS) that provides a steady income. Individuals can invest up to Rs. 9 lakh individually or Rs. 15 lakh jointly, and the investment period is 5 years.\" } },{ \"@type\": \"Question\", \"name\": \"What is the current interest rate of POMIS?\", \"acceptedAnswer\": { \"@type\": \"Answer\", \"text\": \"The current interest rate for POMIS is 7.4% per annum. The interest is payable monthly, and the maturity period is 5 years. 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They can receive a refund of the investment amount and interest accumulated till death.\" } }] }<\/script><\/div><\/div>\n","protected":false},"excerpt":{"rendered":"<div class=\"tmnf_excerpt\">The Post Office&#8217;s depository service provides diverse schemes, all backed by the sovereign gu\u2026<\/div>","protected":false},"author":1,"featured_media":9092,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[146],"tags":[],"class_list":["post-9076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-employee-support"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.2 (Yoast SEO v26.5) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Post Office Monthly Income Scheme (POMIS) - Interest Rate 2024<\/title>\n<meta name=\"description\" content=\"The Post Office Monthly Income Scheme (POMIS) is a post office scheme run by the government for investment. 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