POMIS or Post Office Monthly Income Scheme is an investment plan offered by the Department of Posts under India’s Ministry of Finance that offers regular monthly income at low risk with guaranteed returns to investors. In order to invest in POMIS you must be an Indian resident over 18 and resident. Currently interest rate on POMIS investments stands at 7.4 per cent per annum.
What are the Advantages of POMIS?
Flexibility
POMIS provides flexibility by offering individual or joint accounts to its clients. Your account can even be moved between post offices in India.
Regular income
Regular Income SIP This regular income scheme pays out an equal monthly payout over its investment term.
Low-risk investment
Since it’s government backed, your investment should be safe from risks associated with investments that pose greater risk.
Nomination
You can name a beneficiary so they will inherit any funds left behind upon your passing.
How many individuals are permitted to open a joint bank account?
POMIS offers joint accounts that allow up to three people to open one jointly.
POMIS: Minimum and maximum investment amounts
On a single account, minimum investments start from Rs 1,500 with maximum limits set at 9 lakh and 15 lakh, respectively. Joint accounts allow more flexibility.
What would the yield on deposits totalling 5 lakh, 7 lakh, 9 lakh and 15 lakh be?
PoMIS calculator estimates that investing Rs 5,00,000 into this scheme would yield monthly returns of Rs 3,083, at 7.4% interest.
Investment of Rs 70,00000
By investing Rs 7,00,000 at 7.4 per cent interest per annum, you could earn Rs 4,317 each month as interest payments.
Rs 9,00,000 investment
An Investment of Rs 900,000 By investing Rs 900,0000 into this scheme at 7.4 percent interest per annum, you could get monthly returns of Rs 5,550 at 7.4%.
Rs 15,00,000 investment
At 7.4 per cent interest, an investment of Rs 9,00,000 could yield monthly earnings of Rs 9,250 at 7.4% interest.
