Post Office Monthly Income Scheme (POMIS) Interest Rate 2023: All You Need To Know

POMIS is a term deposit account offered by India Post. Read on to know its latest interest rates, features & eligibility.

Post Office Monthly Income Scheme: Explained

The POMIS is an investment plan offered by the Department of Posts (DoP). The scheme pays interest each month and is ideal for those who seek regular or supplementary income. The scheme is open to investments from individuals, alone or jointly. 

Post Office Monthly Income Scheme: Interest Rates

The India Post has revised the interest rates for the scheme from January 2023. The investors will get 7.1% per annum payable monthly.

Post Office Monthly Income Scheme: Features

POMIS is a low-risk investment plan with guaranteed returns. An investor can reinvest in the scheme after completing the mandatory 5 years if they wish to. Moreover, premature withdrawal can be requested after paying a penalty fee once the investor completes one year. 

Post Office Monthly Income Scheme: Eligibility

Indian residents above 10 years of age are eligible to apply for the scheme. All you require is an account opening form, passport-size photos, identity proof and address proof. 

Post Office Monthly Income Scheme: How To Apply?

Visit your nearest post office and open a savings account. Once you do that, fill out an application form for POMIS, submit documents and choose a nominee. After completing all formalities, submit a cheque or cash deposit. 

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