Post Office Monthly Income Scheme PDF

Post Office Monthly Income Scheme PDF Details
PDF Name	Post Office Monthly Income Scheme PDF
No. of Pages	5
PDF Size	0.37 MB
Language	English
Category	English
Download Link	Available ✔
Downloads	17

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Post Office Monthly Income Scheme

Here in this post, we are providing Post Office Monthly Income Scheme PDF. The Post Office offers POMIS among the many banking products and services under the purview of the Ministry of Finance. Therefore, it is highly reliable. It is a low-risk MIS and generates a steady income. You can personally pay Rs. 4.5 lakh or up to Rs. 9 lakhs jointly, and the investment period is 5 years. Capital conservation is its primary objective. The interest rate for the quarter ended 30 September 2021 is 6.6% per annum, payable monthly.

For example, Mr. Sharma has invested Rs 4.5 lakh in Post Office Monthly Investment Scheme for 5 years. As mentioned above, the interest rate is 6.6% per annum. His monthly income for that period would be Rs 2,475. After maturity, he withdraws his deposit amount, Rs. 4.5 lakh, can be withdrawn from any post office or transferred to your savings account through an electronic withdrawal service. Alternatively, the account can be renewed.

Post Office Monthly Income Scheme PDF – Overview

Sr.No	Particular	Details
1	Tenure	5 years
2	Minimum Amount	INR 1,000
3	Maximum Amount	Up to INR 4.5 lakhs in a single account

Post Office MIS Interest Rate 2022

Sr.No	Amount of Deposit	Rate of Interest
1	INR 1,000 – INR 9 lakhs	6.6% per annum payable monthly

Eligibility Criteria Of Post Office Monthly Income Scheme PDF

The account can be opened by any Indian resident. The account-holding categories are:

• Individual
• Joint
• Minor through the guardian

Features & Benefits of POMIS Account

• Availability of nomination facility
• Attractive interest rate
• The account can be opened by individuals and the joint account can be by 2-3 adults.
• Minors are also eligible to open an account
• The account can be opened through cash or cheque payment
• The deposit can be made in multiples of INR 1,000. The maximum investment amount for single accounts is INR 4,50,000 and for joint accounts is INR 9,00,000
• A joint account can be converted into a Single account and Vice Versa
• Multiple accounts opening facility.

How to open a Post Office Monthly Income Scheme Account

Opening a POMIS account is not as tedious as you think. Instead of imagining long queues and even longer paperwork, please take a look at the step-by-step procedure.

• Open a post office savings account, if you haven’t already.
• Collect a POMIS application form from your Post Office.
• Submit the duly filled form along with a photocopy of your ID and residential proofs and 2 passport-size photos at the Post Office. Do carry the originals for verification.
• Get the signatures of your witness or nominee(s) on the form.
• Make the initial deposit via cash or cheque. In the case of a post-dated cheque, the date on the cheque will be the account opening date.
• Once the processing is done, the executive at Post Office will provide you with the details of your newly opened account.

Documentation Needed For Post Office Monthly Income Scheme

To avail the benefit of the saving scheme following documents are to be submitted:

• Account-opening form, available at the post office
• Two passport-size photographs
• Address and Identity Proof (Aadhaar Card, Passport, PAN Card, or declaration in Form 60 or 61 as per the Income Tax Act, 1961, Driving Licence, Voter ID Card)

The candidates are required to carry original identity proof for verification at the time of account opening.

Here you can free download Post Office Monthly Income Scheme PDF by clicking the given link below.

Post Office Monthly Income Scheme PDF Download Link

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