The Post Office Monthly Income Scheme (POMIS) is a funding Scheme that has been acknowledged and authenticated by the Finance Ministry. The scheme has the capability to double your money in just 5 years. The minimum amount to be invested by the investors is just Rs 1500 which is quite affordable.
Rate of Interest of Post Office Monthly Income Scheme
The rate of interest of Post Office Monthly Income Scheme is 7.40% annually.
Account Opening Procedure of POMIS:-
Firstly, get a form from the post office. Then fill it up and submit it along with the documents such as ID proof photocopy, residence ID photocopy and 2 passport-size photos. Submit the original copy of each document for verification. Now, collect the beneficiary’s signature.
You can invest your money by a cheque and the date mentioned in your cheque will be considered as the date of account opening. The earned interest on your investment money will be disbursed from one month of opening date.
Eligibility Criteria of POMIS
Anyone who is a resident of India and has completed the age of 18 years can avail of this scheme. Also, you can open an account on behalf of a minor and when that minor will reach the age of 18 years he/she can access that fund.
How will my Money Get Double?
Let’s understand this by an example.
Mr Roy invested rs 9 lakh in POMIS for 5 years at 7.40% p.a. Then, Mr. Roy’s monthly Income will be Rs 5,550 for that Period.
Post-term, he can withdraw his deposit of Rs 9 lakh either from the post office or get it transferred via ECS to his savings account. Alternatively, the account can be resumed.
I’m Sourav, (BA) Graduate. Specialized content writer. Get accurate information from Moneygita.