Secure and fixed earnings per month
New Delhi: Any Indian citizen can invest in Post Office Monthly Income Scheme (POMIS). If you want a guaranteed income every month, this is a good plan for you. Also, a person who wants a lump sum at the time of retirement can opt for this plan for a safe and fixed income every month.
The post office’s monthly income plan currently earns an annual interest of 6.6 per cent. The scheme has the facility to open single and joint accounts. You can invest a maximum of Rs 4.5 lakh through a single account and a maximum of Rs 9 lakh if you have a joint account. The joint account can also hold a maximum of 3 adults. But the maximum deposit limit will be 9 lakh.
The monthly income plan of the post office contains a calculation of monthly income. Suppose you have deposited Rs 4,50,000 through an account, it will now earn 6.6 per cent interest per annum. Thus, if you deposit Rs 4.50 lakh, you will get an income of Rs 2475 per month.
If you have deposited Rs 9 lakh in the Post Office Monthly Income Scheme with a Join Account, the total interest on this amount will now be Rs 59,400 at 6.6 per cent per annum. This amount will be divided into 12 months of the year. Thus, the interest for each month will be around Rs.4950.
For this, first you have to open a savings account at the post office. If you do not already have an account, you will need to get a monthly income plan form from any of the nearby post offices. Fill out this form properly and give the signature of the witness or nominee to the post office.
Fill in the prescribed amount or check along with the form to open the account. You need to have Aadhar card, passport or voter card or driving license etc. for proof of ID. Address proof should be an identity card issued by the government or a utility bill.
To open this account, everyone has to deposit Rs.1000 in cash or by check. You should take the original copy of these documents to the post office for verification.
The lock-in period of Post Office Monthly Income Plan is 5 years. But it can be extended for another 5-5 years. It allows account holders to open a single account with single and 3 adults. If you change your city or address, you can transfer this account from one post office to another. On top of this, the interest received annually is divided into 12 parts and credited to the account on a monthly basis. If you withdraw money before the amount is due, you will have to pay a penalty
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