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Post office depositary services (POMIS SCHEME) one of the nationally accepted investment services that is available in India. these schemes are so much beneficiary with our guaranteed return, which means the investment made or backed by the government of India post office is said to be one of the most primitive and transparent institute for financial transactions it provides exclusive schemes for its uses to save money post office monthly income scheme provides fixed interest or income every month.
POMIS SCHEME is recognized and validated by the Ministry of Finance. like other post office savings account post office recurring deposit, post office time deposit, post office monthly income scheme is one of the high paying schemes with an interest rate of 6.6 percentage. the interest earned under the POMIS SCHEME is dispersed monthly just as the name suggests.
IMPORTANT FEATURES OF POMIS SCHEME:
POMIS SCHEME Investment:
🟢 If Single Account – the minimum amount of deposit is ₹ 1500 and the maximum amount of deposit is ₹ 4, 50,000
🟢 If Joint Account – the minimum amount of investment is ₹ 1500 and maximum amount of deposit is ₹ 9, 00,000.
🟢 If Minor Account – the minimum amount of investment is ₹ 1500 and maximum amount of deposit is ₹ 3, 00,000.
👉🏼 The lock-in period: when you open a monthly income scheme account in the post office, you cannot withdraw the Amount deposited Prior to 5 years.
👉🏼 Transferable: if you want to change your residential status show some other place in India you can easily transfer your POMIS SCHEME account to your desired destination all your post office monthly income scheme proceedings will be carried please
👉🏼 Minor account: a minor can also get profited under post office monthly income scheme to open an account for minor in POMIS SCHEME. The minor should be above the age of 10 years .he or she can withdraw the amount after maturing for 18 years.
👉🏼 Nominee: If you are saving in post office monthly income scheme(POMIS SCHEME), you can appoint a nominee for your investment If in case of any unfortunate demise the account holders nominee will become entitled to get his money.
👉🏼 Join account: A maximum of three individuals can join together and open an join account in post office monthly income scheme. in case of joint account, all the investors share the rights equally over the account the maximum limit in case of joint account is 9 lakh and single limit is 4.5 lakh
👉🏼 TDS: One of the silent features of post office monthly income scheme is that no Tax deducted at source (TDS) will not come under this POMIS SCHEME.
👉🏼 Withdrawal penalty: Early withdrawal penalty is also applicable for the money saved in post office monthly income scheme. If you are withdrawing the Amount deposited before completion of one year you’ll get zero benefits out of the POMIS SCHEME. if you are withdrawing the amount from 1st years to 3rd years the entire deposit is refunded with a 2% penalty if your withdrawing the amount from 4th year to 5th year the entire Corpus is refund that with the 1% penalty.
Benefits of post office monthly income scheme:
• If you are a person who’s looking for steady return, then post office monthly income scheme is one of the wisest decision you could make in your life.
• Your capital is protected since the government backs this POMIS SCHEME.
• The return is very save in post office monthly income scheme and it has negligible risk in the investment, since there’s no risk involved in market capitalization.
• The premium amount is very affordable premium per month is low compared to other teams and it is it can be easily paid.
• Even during inflation also the investor can get in steady monthly income and it is unbeatable by inflation
• Multi ownership is possible through joint account.
• Ease of transaction the money deposit withdrawal transaction of money can be done easily, all the process carried out in post office monthly income scheme is very easy.
• If you are a person who never wants to take up risk in life then you can go for post office monthly income scheme, this POMIS SCHEME is said to be very good for risk averse inverters.
Eligibility for opening post office monthly income scheme account:
- POMIS SCHEME account can be opened by a resident Indian.
- Non-resident Indians cannot open POMIS SCHEME account.
- Anyone at the age of 18, can open an account. Minors can open an account with help of their guardian or parents.
- If you are opening an account on behalf of a minor who is 10 years old, when the child reaches the age of 18 he is entitled to access the fund.
How to open a post office monthly deposit scheme account:
- The process of opening an post office monthly income scheme account is very easy and hassle free.
- To save money under this scheme, you need to open an post office savings account.
- Visit your nearby post office and ask for post office monthly income scheme account opening application form.
- Fill the application carefully and submit the following documents.
- Photocopy of ID proof
- Photocopy of address proof
- Two passport size photograph.
- If needed submit the original documents for verification.
- Once the account is created you can invest money from anywhere in India and you can get monthly assured income under this post office monthly income scheme (POMIS SCHEME).
POMIS LINK
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POMIS SCHEME FAQ:
What is the minimum balance to be maintained in my POMIS scheme account?
The minimum balance that needs to be maintained is 100 rs.
What is the share of income given, if the POMIS account is a joint account?
In case of joint account the monthly income is distributed equally to all the shareholders
What is the interest rate given for the amount deposited in post office monthly income scheme?
Post office monthly income scheme is a saving plan by the Postal department of India under this scheme guaranteed monthly income of 6.60 % is provided for the investors.
Can a minor open account in POMIS SCHEME?
Yes, minors can open an account with help of the guardian or parents.
What is the minimum amount to be invested in POMIS SCHEME?
Minimum 1500 can be invested for any individual in post office monthly income scheme
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