Capital protection is one of this scheme's primary advantages, which makes it a safe option for savings

Post Office Monthly Income Scheme interest rate: What is the POMIS interest rate for the October-December 2024 quarter? The principal can be withdrawn at maturity. Interest is paid on completion of a month from the date of opening and so on till maturity

The Post Office Monthly Income Scheme (MIS) is a government backed saving scheme offering a consistent monthly income and is a secure savings alternative. Capital protection is one of this scheme's primary advantages, which makes it a safe option for savings. The principal can be withdrawn at maturity.

Interest rate up to 8.2%: Latest interest rates of PPF, Senior Citizen Savings Scheme, Sukanya Samriddhi, other post office schemes

Interest rate on the scheme is revised along with other small savings scheme every quarter.
Since POMIS offers a set monthly income and returns that are generally better than debt investments, risk-averse investors are the ones that invest in these schemes the most. The returns for Post Office Monthly Income Scheme are guaranteed.

Key features of Post Office Monthly Income Scheme (POMIS)

Latest POMIS interest rate

The interest rate for this quarter is 7.4% per annum payable monthly. Interest is paid on completion of a month from the date of opening and so on till maturity.

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According to the India Post website, “If the interest payable every month is not claimed by the account holder such interest shall not earn any additional interest. In case any excess deposit made by the depositor, the excess deposit will be refunded back and only PO Savings Account interest will be applicable from the date of opening of account to the date of refund.
Interest can be drawn through auto credit into savings accounts standing at the same post office, or ECS. In the case of MIS accounts at CBS Post offices, monthly interest can be credited into savings accounts standing at any CBS Post Offices. Interest is taxable in the hands of the depositor.”

Pre-mature closure of account charges
After one year, withdrawal early is allowed. However, if you withdraw before three years, you will be charged a 2% deduction on your deposit, and after three years, you will receive a 1% deduction.

Maturity
Accounts can be officially closed after 5 years from the date of opening by submitting the necessary application form along with the pass book to the relevant Post Office.

If the account holder dies before maturity, the account may be canceled and the sum refunded to the nominee/legal heirs. Interest will be paid up to the prior month in which the refund is issued.

Deposit
The Monthly Income Scheme account can be opened for a minimum of Rs. 1000 and multiples of Rs. 1000. A single account can only hold a maximum amount of Rs. 9 lakh, whereas a joint account can hold up to Rs. 15 lakh. In a joint account, each joint holder receives an equal share of the investment.

Deposits/shares in all MIS accounts opened by an individual cannot exceed Rs. 9 lakh. The limit for an account formed on behalf of a minor as guardian will be separate.

This story originally appeared on: India Times - Author:Faqs of Insurances