Post Office Monthly Income Scheme is an excellent option for regular income
The Post Office Monthly Income Scheme (POMIS) is an excellent option for regular income. A husband and wife can jointly invest ₹15 lakh in this government scheme, earning a guaranteed monthly income of ₹9,250. This income will continue for 5 years. The most important feature is that after 5 years, you will receive your entire investment safely back.
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Post Office's Superhit Scheme
In times of rising inflation, managing monthly household expenses has become a major challenge. The monthly budget often goes off track. This concern is especially acute for those without a fixed source of income, such as our retired senior citizens. But how much relief would it bring if you started receiving a fixed amount in your bank account on a fixed date every month.
To meet this need, the Indian Post Office offers a very effective and secure scheme known as the Post Office Monthly Income Scheme (POMIS). This is an excellent option for investors who don't want to take any risk on their savings and want a steady monthly income.
Guaranteed income of ₹9250 per month, understand the math
The Post Office Monthly Income Scheme (POMIS) operates on a simple and straightforward investment process. You deposit a fixed amount in one lump sum. The annual interest earned on this deposit, based on the government-fixed interest rate, is divided equally over 12 months and credited to your account every month. Currently, this scheme offers an attractive annual interest rate of 7.40 percent.
POMIS is an excellent option for regular income
The question arises: how much will you earn? If a single person invests in this scheme, they can deposit a maximum of ₹9 lakh. At a rate of 7.40% on this ₹9 lakh, they will receive a fixed income of ₹5,550 per month. However, if you open this account jointly with your spouse, i.e. as a joint account, this scheme becomes even more beneficial. The investment limit in a joint account increases to ₹15 lakh.
If a couple invests ₹15 lakh together, they will receive a lump sum of ₹9,250 per month. This amount is deposited directly into their Post Office savings account, which they can easily withdraw or use for their expenses.
Full money back safely after 5 years
The biggest question on the minds of new investors is the safety of their original deposit. The biggest advantage of POMIS is that it is a Central Government scheme, which means your money is 100% guaranteed by the government. It is a fixed income scheme, so it is not affected by stock market fluctuations. Your investment is complete It remains risk-free.
Summary
The maturity period of this plan is 5 years. The ₹9 lakh or ₹15 lakh you deposit is locked in for 5 years. During this period, you receive monthly interest. Once the 5 years are over, your entire invested amount (principal) is returned to you.
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