What are the benefits of Post office monthly income scheme & how to open account under POMIS

 Which scheme of Indian Post Office gives guaranteed interest?

Nowadays, every person wants that he should invest some money from himself in such a savings scheme in which he keeps getting fixed income. In such a situation, every human being invests on the investment & saving schemes being run by the government. But the investment and saving schemes of the government are not accessible to everyone or because the government schemes are not advertised as much as private companies promote their investment and savings schemes. Many people do not invest their money in investment realities considering the risks associated with investing.

We keep on publishing some good Investment & Saving Schemes for the viewers of our website, which have low risk; low returns and such schemes can reach every single person. Today we will tell about the Monthly Income Scheme (MIS) scheme run by the Indian Post Office. This scheme, which is being run by the Indian Government, is considered to be much better among all the schemes of the Indian Post Office.

Question:

 What are the benefits of Monthly Income Scheme of Indian Post Office?

Answer:

 1) Monthly Income Scheme of Indian Post Office will go a long way in helping you manage your expenses and financial needs properly.

 2) With the Indian Post Office's Monthly Income Scheme, every person can invest the savings money in the right place and get good earnings and better returns from it.

3) Monthly Income Scheme of Indian Post Office allows you to invest in a low risk plan with guaranteed return on your investment.

4) In the Monthly Income Scheme of Indian Post Office, you keep earning as interest every month.

5) Monthly Income Scheme of Indian Post Office is for every individual who wants to earn regular income after investing once.

Question:

Who can open an account in Monthly Income Scheme of Indian Post Office?

Answer:

Any adult Indian person can take advantage of this scheme by opening his account in Monthly Income Scheme of Indian Post Office. Under this monthly income scheme of India Post Office, a joint account of not more than three adult persons can be opened. Another advantage of this post office scheme is that an account can be opened in the name of a minor by his guardian. In this scheme of India Post Office, the limit of the account opened in the name of a minor is different from the limit of investment made by an individual.

  Question:

At least how much can be invested in Monthly Income Scheme of Indian Post Office?

Answer:

Any individual can start investing in Monthly Income Scheme of Indian Post Office in multiples of Rs.100.

Question:

How much can a person invest in Monthly Income Scheme of Indian Post Office?

Answer:

A maximum investment of up to Rs 4.5 lakh can be made under this post office scheme as a single individual. If a person invests jointly in Monthly Income Scheme of Indian Post Office, then up to nine lacs rupees can be invested in this scheme. On being a joint holder, both get an equal share.

Question:

How much interest is available in India Post's Monthly Income Scheme (MIS) scheme?

Answer:

In India Post's Monthly Income Scheme (MIS) scheme, you get interest at the rate of 6.6 per cent per annul. Interest continues to accrue until your account matures. If you do not claim the interest received every month in India Post's Monthly Income Scheme (MIS) scheme then you will not get the benefit of any additional interest on that interest amount.

Question:

What is the procedure for account opening under Post office monthly income scheme?

Answer:

It is very easy for opening account under post office monthly income scheme. It requires only Post Office Savings Account & one you will open a savings account with the Post Office (if you did not already have one) then follow these steps:  

1) Visit to your nearest Indian Post office & from official person post office ask for an “post office monthly income scheme” (POMIS) application form.

2) You may download application form online from Indian post office website & take a print of it.

Question:

What documents are required for opening account under Post office monthly income scheme?

 Answer:

For opening an account under Post office monthly income scheme you need documents like   photocopy of ID proof, 2 passport sized photographs, photocopy of address proof. Submit the documents mentioned above for verification purposes with signatures of witnesses or beneficiaries.

In Post office monthly income scheme you can start investment with a dated cheque. Must note that date mentioned on the bank cheque will be considered as the account opening date & interest earned on the investment will be disbursed one month from the opening date.  One more thing need to be noted that beneficiary under this scheme can also be nominated after opening the Post Office Monthly Income Scheme in India account.

Question:

Is there any Lock in period for Post office monthly Income scheme?

Answer:

Yes there is a Lock in period of 5 years under Post office monthly income scheme. You can not withdraw the amount which you had deposited into POMIS. Maximum investment limit under Post office monthly income scheme is 4.5 lacs

Question:

Can you transfer post office monthly income scheme account one to another post office?

Answer:

Yes, you can easily transfer the account under Post office monthly income schemes from one to another post office anywhere in India. Interest will be carried forward to such post office where you will shift it.

Question:

Can we open account of minor child in Post office monthly income scheme?

Answer:

Yes, you can open a Post office monthly income scheme account for a minor child & Post Office Monthly Income Scheme age limit for minors is above 10 years. One the child will cross 18 years of age then he/she can withdraw the amount after maturity period.

 In nutshell, we can say that Indian post office monthly income scheme is one of the best schemes for those people having interest for earning monthly fixed returns. Many people want to invest into the stock market but due to risky risk & high returns situation, most of the people avoid investing in it. Moreover stock market requires more research on companies in which people want to invest. Therefore Indian post office schemes are one of the best options for them because all these investment schemes are backed by Indian government.