Post Office Monthly Income Scheme
In the era of rising inflation, managing monthly household expenses has become a big challenge. The monthly budget often gets derailed. Especially for those who do not have a fixed source of income, such as our retired senior citizens, this concern is even deeper. But, if you start getting a fixed amount in your bank account on a fixed date every month, then what a great relief you will get. To meet this need, the Indian Post Office runs a very excellent and safe scheme, which is known as ‘Post Office Monthly Income Scheme’ or POMIS. This is an excellent option for those investors who do not want to take any risk on their deposits and want a fixed income every month.
Fixed income of ₹ 9250 every month, understand the complete mathematics
This Post Office Monthly Income Scheme (POMIS) works on a straightforward and simple investment process. In this you have to deposit a lump sum i.e. a fixed amount at one time. Whatever annual interest is earned on this deposit as per the interest rate fixed by the government, it is distributed equally over 12 months and is sent to your account every month. Currently, this scheme is offering an attractive annual interest rate of 7.40 percent.
Now the question arises that how much will be earned? Suppose, if a person invests in this scheme alone, he can deposit a maximum of Rs 9 lakh. At the rate of 7.40% on this Rs 9 lakh, he will get a fixed income of Rs 5,550 every month. But, if you open this account with your wife or husband i.e. as ‘Joint Account’, then this scheme becomes even more beneficial. Investment limit in joint account increases to Rs 15 lakh. If a couple together invests Rs 15 lakh, they will start getting a lump sum amount of Rs 9,250 every month. This amount comes directly into their post office savings account, which they can easily withdraw or use for their expenses.
Full money returned safely after 5 years
The biggest question in the minds of new investors is about the security of their original deposit. The biggest feature of POMIS is that it is a central government scheme, which means that there is 100% government guarantee on your money. This is a fixed income scheme, so it has nothing to do with the ups and downs of the stock market. Your investment remains completely risk-free.
The maturity period of this scheme is 5 years. The Rs 9 lakh or Rs 15 lakh you have deposited gets locked-in for 5 years. During this period, you keep getting interest money every month. As soon as 5 years are completed, your entire invested amount (principal) is returned to you. That is, for 5 years you availed the benefit of interest every month and in the end you got your entire capital back safely.