Post Office Monthly Income Scheme 2024 Hindi | Best Investment Plan for Monthly Income | Josh Money
Post Office Monthly Income Scheme (POMIS) is one such scheme where you invest a certain amount and earn a fixed interest every month. As the name suggests, you can invest in this from any post office. In this video of Josh Money, we will cover everything about POMIS.
Post Office offers POMIS among a host of banking products and services, under the purview of the Finance Ministry. Hence, it is highly reliable. It is a low-risk MIS and generates a steady income.
You can invest up to Rs. 9 lakh individually or Rs.15 lakh jointly, and the investment period is 5 years. Capital protection is its primary objective. The interest rate for April-June 2023 is 7.40% per annum, payable monthly.
Features & Benefits of Post Office Monthly Income Scheme
Capital protection: Your money is safe until maturity as this is a government-backed scheme.
Tenure: The lock-in period for Post Office MIS is 5 years. You can withdraw the invested amount when the scheme matures or reinvest it.
Low-risk investment: As a fixed-income scheme, the money you invest is not subject to market risks and is quite safe.
Affordable deposit amount: You can start with a nominal initial investment of Rs.1,000. As per your affordability, you can invest in multiples of this amount.
Guaranteed returns: You earn income in the form of interest every month. The returns are not inflation-beating but are higher compared to other fixed-income investments like FD.
Tax-efficiency: Your investment is not covered under Section 80C; TDS is not applicable either.
Payout: You will receive the payout after one month from making the first investment, and not the beginning of every month.
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