The Post Office Monthly Income Scheme (Post Office MIS) or POMIS is a government-backed savings scheme offered by the Department of Posts under the Ministry of Finance. The scheme is beneficial for those who want a regular monthly income. This investment scheme has a very low risk as it provides guaranteed returns to its investors. To invest in the POMIS, you need to be an Indian resident and at least 18 years old. The current interest rate on POMIS is 7.4 per cent. 

What are the benefits of POMIS?

Flexibility
In POMIS, you get the flexibility of opening a single or joint account. You can even transfer your account to another post office within the country.

Regular income
This is a regular income scheme. During the investment period, you receive a fixed monthly income.

Low-risk investment
Since it’s a government-backed scheme, your investment is safe.

Nomination
You can nominate a beneficiary so that they can receive your money in case of your death.

How many individuals can open a joint account?

A maximum of three persons can open a POMIS joint account.

POMIS: Minimum and maximum investment

In a single account, you can invest a minimum of Rs 1,500, and the maximum investment limit is Rs 9 lakh for a single account and Rs 15 lakh for a joint account.

What is the income on deposits of Rs 5 lakh, Rs 7 lakh, and 9 lakh, and Rs 15 lakh?

According to the POMIS calculator, if you invest Rs 5,00,000 in the scheme, then you will earn Rs 3,083 every month at the rate of 7.4 per cent interest.

Rs 7,00,000 investment
If you invest Rs 7,00,000 in the scheme, then you will earn Rs 4,317 every month at the rate of 7.4 per cent interest.

Rs 9,00,000 investment
If you invest Rs 9,00,000 in the scheme, then you will earn Rs 5,550 every month at the rate of 7.4 per cent interest.

Rs 15,00,000 investment
If you invest Rs 9,00,000 in the scheme, then you will earn Rs 9,250 every month at the rate of 7.4 per cent interest.