Under the Post Office Monthly Income Scheme (POMIS), the limit has been increased from Rs 4 lakh to Rs 9 lakh for single account holders. At the same time, the limit for joint account holders has been increased from Rs 9 lakh to Rs 15 lakh.
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Under the Post Office Monthly Income Scheme (POMIS), the limit has been increased from Rs 4 lakh to Rs 9 lakh for single account holders. At the same time, the limit for joint account holders has been increased from Rs 9 lakh to Rs 15 lakh. This was announced in the budget 2023. The proposal made in the budget will become a rule after the Finance Bill is passed.
Under the monthly income scheme, the person who opens this account is paid interest every month. For this scheme, the government changes the interest rate every month. For the current January to March 2023 quarter, the government has kept an interest rate of 7.1 percent. At least Rs 1000 and in multiples of Rs 1000 will have to be invested in this scheme.
How to open account in this scheme?
An individual can open an account in the Post Office Monthly Income Scheme by submitting the following documents:
- account opening form
- KYC form
- PAN card
- For joint account, all the account holders need to submit KYC documents.
Aadhaar card will also have to be submitted. In case Aadhaar is not available, these documents can be submitted:
- Passport
- driving license
- Voter ID Card
- Job card issued by MNREGA which has been signed by the government official of the state.
- Letter issued by the National Population Register, containing details of name and home address. In case of minor, proof of date of birth or birth certificate will be required.
interest paid
From the date of account opening till maturity, interest will be paid at the end of every month. If the depositor has deposited excess money, the excess money will be reimbursed. Interest will remain taxable with the depositor. According to India Post, if the deposit is made on the 29th, 30th and 31st of the month and if these dates do not fall in the following month, the monthly interest will be paid on the last date of the following month. And if such last day happens to be a holiday, the monthly interest will be paid on the previous day.
scheme duration
The duration of the Post Office Monthly Income Scheme is five years. A deposit cannot be withdrawn before the date of deposit has passed. Two per cent will be deducted from the principal amount and the remaining balance will be paid if the account is closed after one year from the date of opening but before three years. If the account is closed after three years, one per cent of the deposit will be withheld and the remaining amount will be paid.
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