All you should know about Post Office Monthly Income Scheme www.wealthcareindia.com Visit Us +91-9810184368
The Post Office Monthly Income Scheme (POMIS) is the best choice if you’re seeking for an investment option that offers dependable supplementary income, has a governmentbacked guarantee, and is risk-free.
What is Post Office Monthly Income Scheme (POMIS)? One of the most well-liked risk-free post office savings plans is the Post Office Monthly Income Scheme (POMIS), where an investor can invest with a Rs.1,000 minimum deposit . The plan successfully converts the meagre monthly funds into profitable investments. For investors who are risk-averse and desire a fixed monthly income, this scheme is a fantastic low-risk solution. It provides interest payments each month as a return to its investors. The Department of Post (DoP) or Indian Post offers it. The interest rate for the current quarter of the post office monthly income programme is 6.6%.
How to open a POMIS Account? Pick up an application for POMIS at the post office. At the post office, turn in the properly completed form, a photocopy of your ID, residential documentation, and two passport-size pictures. Carry the originals with you for confirmation. Obtain the witness’s or nominees’ signatures on the form. Pay the down payment in cash or by check. A post-dated check will have the account opening date as the date printed on it. The Post Office executive will give you the specifics of your newly opened account once the processing is complete.
Only Indian citizens are eligible to open POMIS accounts. NRIs cannot profit from this programme. Accounts can be opened by any adult. Anyone 10 years of age or older can open an account on behalf of a minor. When kids turn 18 years old, they can use the money. A minor must request conversion of the account in his name after reaching majority. Eligibility for Post Office Monthly Income Scheme:
Capital protection: Because this is a governmentbacked programme, your money is secure until it matures. Reinvestment: The earnings from POMIS accounts may be reinvested in other securities such as equity shares or SIPs. However, because they include market risk, senior citizens can avoid them. Reinvesting the proceeds in a Post Office Recurring Deposit Account is a wise decision. Payment: Rather than at the start of each month, you will receive the payout one month after making the initial investment. Benefits of Post Office Monthly Income Scheme
To meet the various needs of various investors, Indian Post provides a variety of investment alternatives. All Post Office Savings Plans offer returns since the Indian government supports them. Investors who want a predictable monthly income but don’t want to take any risks with their investments might consider the Post Office Monthly Income Scheme. As a result, it is more advantageous for seniors or retired people. Conclusion:
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