Interest will be paid monthly starting from the account opening until maturity.
Post Office Scheme: The Indian government provides a range of savings schemes to encourage citizens to save money and provide a safe investment option. Apart from popular schemes like Public Provident Fund, National Savings Certificate, Sukanya Samriddhi Yojana, Senior Citizen Savings Scheme, and Kisan Vikas Patra, the government also offers two post office savings schemes that can provide a regular source of income to investors: the National Savings Monthly Income Scheme Account and the Post Office Monthly Income Scheme Account (POMIS).
POMIS is a low-risk savings scheme offered by the postal service that provides a fixed rate of interest and a regular source of income to investors. The account can be opened by a single adult, up to three adults as joint account holders, a guardian on behalf of a minor or a person of unsound mind, or a minor above ten years in their name.
A minimum deposit of Rs. 1000 and a maximum deposit of Rs. 9 lakhs for a single account and Rs. 15 lakhs for a joint account are a few significant features of the Post Office Monthly Income Scheme Account. Subject to a maximum amount that may be invested in a single or joint account, a depositor may run more than one account under this system. After one year but before the end of three years, the account may be terminated early with a deduction of 2 per cent of the deposit. 1 per cent of the deposit must be taken out if the account is terminated after three years.
Interest on POMIS is due at the end of each month starting from the opening date and continuing until maturity. The interest due each month will not accrue any further interest if it is not collected by the account holder. The interest can be transferred automatically into standing savings accounts at the same post office or ECS. Monthly interest can be credited to savings accounts held at any CBS Post Office in the case of MIS accounts at those locations. The depositor is taxed when they get interest.
If the account holder dies before maturity, the account may be closed, and the amount refunded to nominee/legal heirs. Interest will be paid up to the preceding month in which the refund is made. From April 01, 2023 to June 30, 2023, the interest rate is 7.4 per cent per annum payable monthly.
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