Post Office MIS Scheme – Popular savings scheme for poor people, save money only once and get monthly household expenses for life.

 Saving and investing money is important regardless of how much you earn, and when it comes to savings, security is a top priority. Many people have been cheated by various financial institutions, including small banks and chit funds, leaving them without their hard-earned money. This has led people to seek out risk-free, fixed-term savings schemes that provide security, and the Post Office Savings Scheme is one such option.

The Post Office Monthly Income Scheme, or POMIS, is a small savings scheme offered through India Post that provides a good return on investment once the fixed term has ended. It is a safe and secure option for anyone looking to save their money without taking on unnecessary risks. Anyone in India can open an account, and the minimum investment amount is Rs. 1,000, while the maximum is Rs. 4.5 lakhs. If a joint account is opened, up to Rs. 9 lakhs can be invested.

If you invest Rs. 2.5 lakhs in POMIS, you can receive Rs. 1,250 in your account every month, providing a regular income stream. The scheme has a lock-in period of 5 years, during which you cannot withdraw your money. If you want to withdraw prematurely, you will need to pay a penalty fee. The interest amount of the scheme is paid into your account every month, providing a steady income stream.

POMIS is open to any Indian citizen, including minors who have a guardian to open the account on their behalf. Single and joint accounts are available, with a maximum of three people allowed to open a joint account. To open an account, you will need to fill out an application form and provide your identity card, residential proof, and a passport-sized photograph.

Currently, POMIS is paying interest at a rate of 7.1 percent, but this may vary. To open an account, you will need to visit your nearest post office and apply offline, submitting the necessary documents and depositing the amount you wish to invest by check or cash. Overall, POMIS is a safe and secure savings option that provides a regular income stream and is accessible to anyone in India.