Post Office Scheme : The Post Office offers many schemes for common citizens. Several Post Office schemes are risk-free and provide guaranteed income. Today, we will tell you about one such Post Office Scheme through which you can earn ₹9,250 every month by making a one-time investment.
If you are planning to invest in a Post Office scheme that provides monthly income, then this information is for you. The Post Office Monthly Income Scheme (POMIS) can prove to be a great option for earning a fixed monthly income. Let’s understand everything about this scheme in detail.
Post Office Scheme Guaranteed Monthly Income
The Post Office Monthly Income Scheme (POMIS) provides a fixed amount of income every month on your investment. The best part of this scheme is that you need to deposit money only once for a period of 5 years.
The interest earned on your deposited principal amount is credited to your account every month. This means that with a single investment, you can receive a stable monthly income for the next 5 years. You can open this account individually (Single Account) or jointly with your spouse (Joint Account).
Annual Interest on POMIS
At present, the POMIS scheme offers an annual interest rate of 7.4%. Considering this return is risk-free and backed by the government, it is a very attractive investment option.
If you and your spouse open a joint account, you can invest up to ₹15 lakh in this scheme.
By investing ₹15,00,000 at an interest rate of 7.4%, you can earn ₹9,250 per month as income.
This means your total income in a year becomes ₹1.11 lakh, and in 5 years, you can earn around ₹5,55,000 in interest.
Earnings from a Single Account
Individuals who want to make a lump-sum investment can also invest in this scheme.
In a single account, you can deposit a maximum of ₹9 lakh.
If you invest ₹9,00,000, you will receive ₹5,550 per month at the 7.4% interest rate.
In 5 years, the total income you earn will be ₹3,33,000.
Scheme Can Be Extended for 5 Years
Your principal amount remains completely safe in this scheme. After the 5-year maturity period, you will get back your full amount—whether it is ₹15 lakh (joint account) or ₹9 lakh (single account).
Throughout these 5 years, you receive monthly interest, and your principal remains secure.
If you wish, you can extend the scheme again for another 5 years after maturity.
Conditions to Open the Account
This scheme can be very beneficial for your financial planning. You can also open an account in the name of your child. If your child is below 10 years old, the account will be operated by the parents or legal guardian.
To open the account, you will need to visit the Post Office and submit some essential documents.
The required documents include:
- A Savings Account
- Aadhaar Card (ID Proof)
-
PAN Card (Mandatory for account opening)
