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If you're retired or simply want a fixed monthly income without any risk, the Post Office Monthly Income Scheme (POMIS) is an excellent option. This scheme offers a guaranteed interest rate of 7.4% per annum, and your money is completely safe, as it's part of the Government of India's small savings scheme.

The best part is that the government hasn't made any changes to the interest rates for the October-December quarter. This means you'll still receive a great 7.4% return on this scheme. Once you invest, you'll receive a guaranteed monthly income for five years. Let's find out how much you need to invest to earn a guaranteed income of ₹5,500.

What is POMIS?

The National Savings Monthly Income Scheme (POMIS) is a scheme where you deposit money at the post office, and the interest earned on the money is credited to your account every month. In fact, it's especially suitable for those who need a fixed monthly pension-like income and want to invest without risk.

The most important features of POMIS:
Interest rate - 7.4% per annum (interest paid every month)
Safety - Investments are completely safe (government guaranteed)
Term - 5 years (full refund upon maturity)
Earnings - A fixed amount will be received every month, with a steady income like a pension.

How much will you earn each month?
Let's say you deposit ₹9 lakh in this scheme:

Annual interest: ₹9,00,000 × 7.4% = ₹66,600

Spread over 12 months: ₹5,550 per month.

This amount will be received every month for the entire 5 years.

Similarly, if you deposit ₹15 lakh:

Annual interest: ₹1,11,000

Monthly income: ₹9,250 per month

How to open a POMIS account?
Go to the nearest post office.

A savings account is required.

Aadhaar card and PAN card should be brought.

Fill out the National Savings Monthly Income Account form.

Deposit the investment amount by cash or check.

The account will be activated immediately and interest will start accruing monthly. (Note: This article is for informational purposes only and should not be construed as investment advice. Consult a financial advisor before making any investment decisions.)

5 FAQs

1. What is POMIS?
The Post Office Monthly Income Scheme is a government savings scheme that provides a fixed monthly interest income on deposits.

2. What is the interest rate on POMIS?

This scheme currently offers an annual interest rate of 7.4%, which is credited to the account every month.

3. What is the lock-in period for POMIS?
The term of this scheme is 5 years. After this, the entire investment is returned.

4. Who can open a POMIS account?
Any citizen of India, including senior citizens, homemakers, private employees, retired individuals, etc., can open this account.

5. How much can be invested in POMIS?
The maximum investment allowed is ₹9 lakh in a single account and ₹15 lakh in a joint account.

Disclaimer: This content has been sourced and edited from News 18 hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.