POMIS is a term deposit account offered by India Post. Read on to know its latest interest rates, features & eligibility.
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.
The India Post has revised the interest rates for the scheme from January 2023. The investors will get 7.1% per annum payable monthly.
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.
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.
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.