Post Office Monthly Income Scheme 2024 Online Apply, Interest Rate, Calculator

Post Office Monthly Income Scheme 2024

Post Office Monthly Income Scheme 2024: This is a good five-year investment with a maximum limit of Rs. 4.5 lakh for single ownership and Rs. 9 lakh for joint ownership. The central government has set an interest rate of 7.4% per annum (from April 1, 2024), payable monthly. Subscribers can use the MIS calculator to calculate their interest earned and view their bonus amount at the end of each month. All candidates who desire to generate a consistent monthly income can invest.

Post Office Income Scheme 2024

Post Office Monthly Income Scheme 2024 is a sort of investment plan that assures investors returns at a 6.60% yearly interest rate. These returns can be received as a fixed monthly income. Post Office Monthly Income Scheme is the Indian Postal Service’s investment program. It ensures the investor’s recurring monthly income at a guaranteed annual rate of return of 6.60%. Experts feel that MIS is one of the finest investment methods because it has three benefits: it preserves your assets, offers higher returns than debt instruments, and provides a predictable monthly income.  

The Post Office Monthly Income Scheme, which has an interest rate of 6.7%, is one of the highest-earning programs, along with the Post Office Savings Account, Post Office Recurring Deposit, and Post Office Time Deposit. Interest is paid out every month, as implied by the scheme’s name. This initiative, like other post office programs, is recognized and approved by the Ministry of Finance.

Post Office Monthly Income Scheme
Post Office Monthly Income Scheme

Highlights of Post Office Income Yojana 2024

Feature Details
Investment Scheme Post Office Monthly Income Scheme 2024
Maximum Investment Limit – Single Ownership: Rs. 4.5 lakh – Joint Ownership: Rs. 9 lakh
Interest Rate 7.4% per annum (from April 1, 2024), payable monthly
Purpose To generate a consistent monthly income
Returns Guaranteed annual rate of return of 6.60%
Benefits – Asset preservation – Higher returns than debt instruments – Predictable monthly income
Interest Payment Monthly
Deposits – Minimum: Rs. 1000 (in multiples of Rs. 1000) – Minors: Up to Rs. 4,50,000
Maximum Investment (Single Account) Rs. 4,50,000
Maximum Investment (Joint Account) Rs. 9,00,000
Eligibility Criteria – Indian citizens only – Minimum age requirement: 10 years
Transfer of Account Free transfer from one post office to another
Maturity Period 5 years
Penalties for Early Withdrawal – Within 1 year: No return – 1 to 3 years: Return minus 2% penalty – After 3 years: Return minus 1% penalty
Multiple Accounts A single person can create ‘N’ accounts (up to the upper limit)
Reinvestment Option Possible at the end of the term
Nominee Addition Allows adding another nominee to the account
Tax Deduction at Source (TDS) Not applicable
How to Register – Open a post office savings account – Fill POMIS application form – Submit required documents – Make a deposit – Account details provided by the Post Office executive
Official Website
https://www.indiapost.gov.in/

Deposits in the Post Office Monthly Income Scheme

The least amount that every individual must deposit is Rs. 1000, followed by multiples of Rs. 1000. Minors can only invest up to Rs. 4,50,000. The maximum amount that each individual can invest in a single account is Rs. 4,50,000. This limit is Rs. 9 lakh for joint accounts. Furthermore, the maximum share of any individual in a joint account is Rs. 4,50,000. In the savings account, all joint account holders get an equal share. In a joint account, all joint holders must have an equal part of the investment. Individual deposits/shares in all MIS accounts opened shall not exceed Rs. 4.50 lakh.

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Eligibility Criteria

  • Candidates must be Indian citizens. POMIS does not allow NRIs to invest.
  • The minimum age requirement is ten years old. Anyone above the age of ten can open and operate this MIS savings account in their name.
  • Individuals under the age of ten (minors) can have their parents register an account in their name.

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Period of Post POMIS Scheme 2024

Period POMIS Interest Rate (Per Annum)
1st April 2024 – 30th June 2024 7.40%
1st January 2024 – 31st March 2024 7.10%
1st October 2022 – 31st December 2022 7.10%
1st April 2020 – 30th September 2020 6.60%
1st January 2020 – 31st March 2020 7.60%
1st October 2019 – 31st December 2019 7.60%
1st July 2019 – 30th September 2019 7.60%
1st January 2019 – 31st March 2019 7.70%
1st October 2018 – 31st December 2018 7.70%
1st January 2018 – 30th September 2018 7.30%
1st October 2017 – 31st December 2017 7.50%
1st July 2017 – 30th September 2017 7.50%
1st April 2017 – 30th September 2017 7.60%

Post Office Monthly Income Yojana Features

  • The maturity time for MIS is 5 years. Ideally, you should withdraw the funds after five years. At the end of the period, you will receive a total return on your investment. Naturally, you will continue to get your monthly salary during this time. But what if you need to withdraw the money before 5 years?
  • If you return the money within a year, you will receive nothing.
  • Withdraw the amount within one to three years, and you will receive a return less a 2% penalty.
  • Withdraw the deposit after three years and a small 1% penalty will be applied.
  • For each post office deposit, you must open a new account. The advantage is that a single person can create ‘N’ accounts (up to the upper limit). 
  • For the maturity amount realized at the end of the term, reinvesting in POMIS is an option.
  • It is possible to add another nominee to the investor’s Post Office Monthly Income Scheme account. As a result, in the unfortunate case of his death, his nominee is now entitled to his money.
  • The good news is that TDS (Tax Deduction at Source) would not deplete your capital in this circumstance.

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How to Register for a POMIS Account?

It is simple to set up a POMIS account. To learn how to open a POMIS account, follow the steps below.

  1. Open a post office savings account if you don’t already have one.
  2. Pick up a POMIS application at the post office.
  3. Turn in the properly filled form, a photocopy of your ID, residential papers, and two passport-size photographs to the post office. Keep the originals on hand for verification.
  4. Obtain the signatures of the witnesses or nominees on the form.
  5. The down payment can be made in cash or by check. The date displayed on a post-dated check will be the account opening date.
  6. Once the processing is completed, the Post Office executive will provide you with the specifics of your newly opened account.

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