Post Office Monthly Income Scheme – POMIS

by Gopal Gidwani on August 20, 2009 · 2 comments

in Others,Uncategorized

• Minimum investment is of INR 1000 or in multiples of INR 1000.
• The tenure of the investment is 6 years.
• The interest rate payable is 8% per annum. The interest is payable monthly. This monthly interest can be directly credit to the savings account, if that is also maintained with the post office. The interest income is fully taxable.
• Nomination facility is available.
• Non Resident Indians (NRI) cannot open an account under POMIS
• On maturity of the term, if the maturity proceeds are not withdrawn then post office savings account interest rate is payable on the deposit and that too for only upto maximum 2 years.
• The account is transferable from one post office to another post office.
• This account is more suited for people who want to make a lumpsum investment and are looking for regular return on the lumpsum investment. This scheme is suited for senior citizens who are looking for regular returns on their investment in their retirement years.
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{ 2 comments… read them below or add one }

Saurav Sinha October 30, 2010 at 10:00 pm

Hello Sir,

What does this point imply- “On maturity of the term, if the maturity proceeds are not withdrawn then post office savings account interest rate is payable on the deposit and that too for only upto maximum 2 years.”

Moreover, plz explain the following:
1) Investment has to be done monthly/quarterly/anually?
2) Is loan/partial withdrawl allowed & if yes, at what rates?
3) How much money & tax will be applicable if say, I invest Rs. 2000 per month for 6 years on the money accumulated?

Reply

Sarvesh September 25, 2012 at 4:01 am

It is better to open ppf modified version a.c from me…
Thanks

Reply

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