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New Delhi. Everyday families from poorer and middle-class backgrounds turn to the Post Office savings schemes because they trust the safety of their savings and the certainty of returns. A popular choice among them is the Post Office Monthly Income Scheme, which begins paying out interest the moment an investment is made. The limit for a single account is ₹5,500 a month.
POMIS is the exclusive monthly income plan offered by the Post Office. The standout feature is a monthly interest rate of 7.4% credited directly to the account. Here’s how the scheme works:
-The scheme requires a minimum investment of ₹1,000, with a ceiling of ₹9 lakh per account. If you open a joint account, the limit goes up to ₹15 lakh.
-Interest payouts begin one month after you open the account and continue uninterrupted until the scheme matures.
-The entire scheme runs for 5 years, enabling you to create a reliable stream of income that arrives every single month, without fail.
One effortless way to pocket Rs 5,500 each month is to use the unique post office scheme. The best part is that you start earning interest just one month after you invest.
If you open an individual account and put in Rs 9 lakh, you’ll receive Rs 5,500 every month, thanks to a 7.4% interest rate. Teaming up in a joint account allows a total investment of Rs 15 lakh, pushing the monthly payout to Rs 9,250.
You can choose how you receive the interest—monthly, quarterly, every six months, or once a year. After the 5-year lock-in, both your original deposit and all the interest earned will be returned to you.
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