If you have a lump sum amount for retirement, land sale or any other way, then this is a good investment option for you. In this scheme, you can get stable returns with low risk. You can open this account by submitting KYC and necessary documents at any post office.

Who can invest in this scheme?

Anyone can invest in this scheme. You can open an account alone or a joint account with a maximum of 3 adults. If your children are above 10 years of age, they can open the account themselves. For a minor or mentally ill person, their guardian can open the account. You can also nominate a family member or a minor. You can open as many accounts as you want in this scheme.

What is the minimum investment required?

The minimum investment starts from Rs 1,000 and there is no maximum limit. That is, you can deposit as much money as you want. Investment made in this scheme is eligible for tax deduction under Section 80C of the Income Tax Act. Investment up to Rs 1.5 lakh in a financial year remains tax free.

How many lakhs of rupees will you get after 5 years…

Currently, this scheme offers 7.7 percent compound interest per annum. Interest is paid after completion of 5 years. The interest of the first 4 years is reinvested, on which tax exemption is available, but the interest of the 5th year comes under the ambit of tax.

Another advantage of this scheme is that you can take a loan by pledging your NSC with a bank or NBFC. This way, if needed, you can manage the money without breaking your savings. The account matures in 5 years and generally it cannot be closed prematurely. This can happen only in special cases like death of the investor or court order.

If both husband and wife are employed, they can get huge benefits by opening a joint account in this scheme. If you both invest Rs 9 lakh in lump sum, then after 5 years you will get Rs 13,04,130. Out of this, Rs 4,04,130 will be as interest. This scheme is very good for those who want good returns with low risk and government guarantee. This scheme of the post office is not only safe but also helps in saving tax.

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Investment limit increases with joint account.

One feature of this post office scheme is that a joint account can be opened in it, in which both husband and wife have equal shares.

The investment limit in a single account is ₹ 9 lakh, while in a joint account this limit increases to ₹ 15 lakh. If you want to earn more interest, it would be better to open a joint account.

Fixed income every month: How much interest will you get?

From January 1, 2025, POMIS is earning 7.4% annual interest, which is credited to the account every month. For example, if a newly married couple opens a joint account and invests ₹ 12 lakh, they will get an annual interest of ₹ 88,800. This means there will be a guaranteed income of about ₹ 7,400 every month.

In this scheme, two or three people can open a joint account together and the interest is divided equally among all the account holders. Also, if required, the joint account can be converted into a single and one account into a joint account. But, for this, the joint consent of all the account holders is necessary.

Maturity and Pre-Premature Closure Facility

The maturity period of POMIS is 5 years. After this period, the account can be closed and the entire principal amount is returned. If the account is closed before this, a penalty may be charged. If the account is closed between 1 and 3 years, a penalty of 2% of the principal amount is deducted and if the account is closed between 3 and 5 years, a penalty of 1% of the principal amount is deducted.

If an investor has invested ₹ 12 lakh in POMIS and closes the account after 1 year, then a penalty of 2% will have to be paid on closure between 1 and 3 years. That is, ₹ 24,000 will be deducted and a total of ₹ 11,76,000 will be returned. On the other hand, if the account is closed between 3 and 5 years, the penalty will be 1% i.e. ₹ 12,000 and the investor will get ₹ 11,88,000. This account cannot be closed before 1 year.

Minors and senior citizens can also avail the benefits.

Under this scheme, an account can also be opened in the name of minors, whose investment limit is considered different from that of their guardians. With this, a secure future plan can also be made for children.

Since this scheme is backed by the government, the risk is almost negligible. This means that not only will your principal be safe, but you will also get regular income through fixed interest. The monthly interest can be automatically deposited through ECS or in a post office savings account.

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