Post Office Income - Rightsofemployees.com https://www.rightsofemployees.com Know Your Rights Tue, 19 Nov 2024 05:26:35 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.4 https://www.rightsofemployees.com/wp-content/uploads/2018/01/cropped-emp1-32x32.png Post Office Income - Rightsofemployees.com https://www.rightsofemployees.com 32 32 Post Office’s superhit scheme, you will get Rs 9,250 every month for 5 years https://www.rightsofemployees.com/post-offices-superhit-scheme-you-will-get-rs-9250-every-month-for-5-years/ Tue, 19 Nov 2024 08:02:35 +0000 https://www.rightsofemployees.com/?p=35711 Post Office Income : Do you want regular monthly income on your investment? If you are looking for a safe option with government guarantee, then Post Office Monthly Income Scheme (POMIS) can be the best option for you. This scheme is a good way to avoid money problems after retirement and keep your savings safe. […]

The post Post Office’s superhit scheme, you will get Rs 9,250 every month for 5 years first appeared on Rightsofemployees.com.

]]> Post Office Income : Do you want regular monthly income on your investment? If you are looking for a safe option with government guarantee, then Post Office Monthly Income Scheme (POMIS) can be the best option for you. This scheme is a good way to avoid money problems after retirement and keep your savings safe.

What is Post Office Monthly Income Scheme (POMIS)?

POMIS is a small savings scheme designed by the government to provide a stable monthly income. These are its benefits.

  • Minimum deposit: ₹1,000 (in multiples of ₹1,000)
  • Maximum deposit: ₹9 lakh (single account) or ₹15 lakh (joint account)
  • Period: 5 years (fixed)
  • Interest Rate (2024)
  • Interest Rate: 7.4% per annum

Eligibility

  • Single Adult
  • Joint accounts for up to three adults
  • Guardians for minors or mentally incompetent persons
  • Minors above 10 years of age in their own name

How to calculate monthly income?

  • Formula for calculation of monthly income under POMIS:
  • Monthly income = Deposit amount × Interest rate ÷ 12

Example:

  • ₹5 Lakh → ₹3,083 Monthly
  • ₹9 Lakh → ₹5,550 Monthly
  • ₹15 Lakh → ₹9,250 Monthly

Post Office Monthly Income Scheme

  • An account can be opened with a minimum of ₹1,000.
  • The total deposits in all the accounts of a person cannot exceed ₹9 lakh.
  • Investment of up to ₹15 lakh is possible in a joint account.
  • payment of interest
  • Interest is credited every month.
  • Payment can be taken through ECS or auto-credit to the linked savings account.
  • No additional interest is accrued on unclaimed interest.
  • Interest is income taxable.
  • premature withdrawal of money
  • Withdrawal allowed after 1 year, but with penalty:
  • 1–3 years: 2% reduction.
  • 3–5 years: 1% reduction.

Maturity Benefits

  • The account matures after 5 years.
  • On maturity the basic amount deposited is returned.
  • In case of death of the account holder, the nominee or legal heir can close the account.

Why choose POMIS?

Safe Returns: It is run by the government and the money is completely safe in it.

Regular Income: Retired individuals and conservative investors will benefit.

 

The post Post Office’s superhit scheme, you will get Rs 9,250 every month for 5 years first appeared on Rightsofemployees.com.

]]>