Post office monthly income scheme 2023

Post office monthly income scheme 2023: post office monthly income scheme is an a best scheme for the middle class people which was introduced by indian government in the year 2023 by the ministry of finance.Every one is affordable to open an account in this scheme ( POMIS ) . It is an a monthly scheme were you can get a monthly interest of 6.6% on your deposit . And the deposit should be of at least 1500 not less than that . This post office scheme is an a low risk scheme and you can trust it as it is an a government scheme

How the post office monthly income scheme works ?

It is an a one time investment scheme were you have to deposit your all money in post office then for every month you will be getting a monthly interest according to your deposits . so if you want to claim your money then the tenure is of 5 years that means your have to claim your money after 5 years . Then these money will be safe for 5 years in post office

So very firstly you have to submit your savings account details in the post office . so that for every month your interest will be collected in that saving account

How the post office monthly scheme is helpful for middle class people ?

It is very helpful for the middle generation parents who want to send the pocket money to there children’s who are in hostel and want to send money to there aged parents .

How much money you have to deposit in post office monthly income scheme ?

In post office monthly income scheme you have to deposit at least 1500 or 1000 not less than that , if you are looking for the single account then maximum amount should be of 9,00,000 or if you looking to take joint account then the maximum amount should be of 15,00,000

Minimum Amount : 1500

Maximum Amount if it is single account : 9,00,000

Maximum Amount if it is Joint Account : 15,00,000

Minor account : the minimum amount is 1500 and the maximum is 300000

How much interest you will get from post office monthly income scheme ?

To calculate the interest according to your deposits then you have to check out the website called ” POMIS calculator ”

How much is the interest in the post office monthly income scheme ?

We cannot say it particular percentage of the interest as increases particular interval of time and decreases particular interval of time because there is an a 6.6% interest on your deposits but from the 01.07.2023 there is a 7.4 % per annum payable monthly , in future it may decrease or increase .It changes for every quarter

what are the consequences if you claim the money before tenure time in POMIS ?

To get your deposit from the post office account the you have to wait at least 1 year

Pre-Mature Closure of account :

• No deposit shall be withdrawn before the expiry of 1 year from the date of deposit
• If the account is closed after 1 year and before 3 year from the date of account opening a deduction is equal to 2% from the principle will be deducted and the remaining will be paid

After 1 year and before 3 year	2% of penalty
3 to 5 years of time	1% of penalty

• Then after 3 to 5 years of time there will be 1% of penalty
• After completing of 5 years you have to submit your Adhara card and pan card to claim the deposit in the post office

What are the features of the post office monthly income scheme ?

• In the post office monthly income scheme there should be at least minimum 1 and maximum 3 members can hold the account
• So the account holder in the post office monthly income scheme can transfer there account from one post office to another post office in India
• There is no tax benefits for the post office monthly income scheme
• For Post office monthly income scheme there is 5 years of tenure

What are the benefits of the post office monthly income scheme ?

• Post office monthly income scheme has no risk as it is an a government scheme so that we can trust it safely
• Here the minimum period of deposit is of 5 years so that it can be released after maturity
• The interest generated on the deposit can be payable very easily with out any troubles
• Here we have a chance of getting to hold a multiple holders on one account
• Here it is very easy to deposit , invest , and withdrawal and the return is safe

What are the current Interest Rates in Post Office Monthly Income schemes ?

Duration ( In Year )	Interest Rate (%)
1 years	5.50 %
2 years	5.50%
3 years	5.50%
5years	7.6%

What is the eligibility criteria for applying post office Monthly Income schemes ?

To open a post office monthly Income schemes there is a eligibility criteria of like you should be citizen of India , residing in India , and the applicant should be major ( 18 years ) .

What is the application Process of post office monthly Income scheme ?

• Open the post office saving accounts
• You have to get an application process form post office or you can download the POMIS account application
• You have to fill your legal information in the application form and you have to submit in the post office
• You have to submit the original documents for the document verification
• If you have any nominees then submit Name , DOB , Mobile number

What are the required documents for post office monthly Income Scheme ?

Aadhaar / Driving Licence / Voter ID card / Pass Port

Proof Of Address

Pass port Size Photo

How can I Withdrawal Money From My post Office Monthly Income Scheme ?

Once the tenure is completed you can withdrawal the deposit by visiting the post office